FinMin proposes gold monetisation scheme; invites comments till June 2

Published by Metro India News Online on May 20, 2015 12:07:54 PM

Finance Ministry on Tuesday has proposed gold monetisation scheme in order to mobilise idle gold held by households and institutions which is assessed at 20,000 tonnes and values around Rs 60 lakh crore.

As per the draft guidelines, new scheme offers tax-free interest on depositing minimum 30 grams gold with banks and banks can lend deposited gold to jewelers.

According to this scheme, a person or institution having surplus gold can visit hallmarking centres to value their gold and can open a gold savings account for minimum of 1 year and can get interest in either gold units or cash.

Draft scheme is put out for public comments (stakeholders) till June 2, 2015.