Having lot of gold or at least 30 grams at home ? Here is good news, the government has planned on how you can earn money on gold. According to the plan released on Tuesday 19th May, 2015, households would be allowed to deposit jewellery with banks and earn interest on the value of gold Tax Free.
Isn't this something interesting???
Your gold is safe with the bank plus and extra income. The rate of returns has not yet been decides yet, but is said to match with that of fixed deposits. The banks are mostly to be allowed to use the mobilised gold as part of their mandatory requirements with RBI, such as SLR (Statutory Liquidity Ratio) and CRR (Cash Reserve Ratio)
The finance has sought comments from stakeholders on the draft gold monetation scheme by June 2nd, 2015.
Within a short time span you may get an option of depositing gold in banks and earn Tax-Free interest on its value. The government has planned to get into the thousands of tonnes of gold stocked by Indian families, as part of the grand plan ti channelise idle assests for produtive use and reduce costly billion imports.
The paln is named as the "Gold Monetisation Plan" that will allow families to deposit jewellery with banks and earn Tax-Free interest on the value of their gold. The minimum amount that needs to be deposited is 30 grams of gold with banks.
The gold will undergo purity test and be melted after the consent of the owner. If the jewellery is stoned or etc it will be handed back to the owner. The interest rates have not yet been decided, but will likely be same as of prevailing bank fixed deposits(FD).
The scheme will other ways also help jewellery and gems sector by making availability of gold as raw material on loan from banks. A person or an institution holding surplus gold can get it valued from BIS (Bureau of Indian Standards) approved hall marking centres, open a gold saving account in banks for a period of 1 year and earn interest in cash or gold according to the draft.
Under the scheme proposed, interest will be payable to customers after 30/60 days from the date the gold account is been opened.
For example:- If a customer deposits 100 grams of gold and gets 2% interest, then on maturity he has credit of 102 grams.
Customers will be given the option of encashing or taking back gold. The tenure of the plan proposed is minimum 1 year, with a roll out option of multiples of 1 year same like that of fixed deposit where breaking of lock period would be allowed.
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