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Let your gold earn interest for you
While presenting the General Budget 2015-16 in the Lok Sabha, Finance Minister Arun Jaitley announced several steps for monetizing gold. He has said stocks of gold in India are estimated to be over 20,000 tonnes but mostly this gold is neither traded, nor monetized. Jaitley proposed to introduce Gold Monetisation Scheme, which will replace both the present Gold Deposit and Gold Metal Loan Schemes.
New Delhi: While presenting the General Budget 2015-16 in the Lok Sabha, Finance Minister Arun Jaitley announced several steps for monetizing gold. He has said stocks of gold in India are estimated to be over 20,000 tonnes but mostly this gold is neither traded, nor monetized. Jaitley proposed to introduce Gold Monetisation Scheme, which will replace both the present Gold Deposit and Gold Metal Loan Schemes.
The Finance Minister also announced the development of an alternate financial asset, a Sovereign Gold Bond, as an alternative to purchasing metal gold. The bonds will carry a fixed rate of interest, and also be redeemable in case in terms of the face value of the gold, at the time of redemption by the holder of the Bond. Jaitley has also announced that the government shall commence work on developing an Indian Gold Coin, which will carry the Ashok Chakra.
