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Government releases draft rules on monetisation plan to mobilise gold held by public
20 May, 2015
NEW DELHI: The finance ministry issued a draft gold monetisation scheme on Tuesday aimed at unlocking the value of the yellow metal held by Indians. It seeks to encourage participation by holding out the prospect of tax-free earnings, with deposits starting as low as 30 gm.
The ministry is looking at household and institutional holdings of gold that can be used to help the country cut its dependence on imports of the metal that are a frequent source of worry. Apart from individuals, organisations such as temple trusts, jewellers and banks could also benefit from the scheme.
The government is likely to exempt the scheme from wealth tax, capital gains tax and income tax. It will be finalised after public responses to the programme are received.
The country's household gold holdings are estimated at 20,000 tonnes and the scheme aims to bring this into circulation, lowering the dependence on imports of 800-1,000 tonnes every year.
The scheme is in line with Finance Minister Arun Jaitley's promise in his February Budget speech. "The new scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account," he had said.
Government releases draft rules on monetisation plan to mobilise gold held by public - The Economic Times
20 May, 2015
NEW DELHI: The finance ministry issued a draft gold monetisation scheme on Tuesday aimed at unlocking the value of the yellow metal held by Indians. It seeks to encourage participation by holding out the prospect of tax-free earnings, with deposits starting as low as 30 gm.
The ministry is looking at household and institutional holdings of gold that can be used to help the country cut its dependence on imports of the metal that are a frequent source of worry. Apart from individuals, organisations such as temple trusts, jewellers and banks could also benefit from the scheme.
The government is likely to exempt the scheme from wealth tax, capital gains tax and income tax. It will be finalised after public responses to the programme are received.
The country's household gold holdings are estimated at 20,000 tonnes and the scheme aims to bring this into circulation, lowering the dependence on imports of 800-1,000 tonnes every year.
The scheme is in line with Finance Minister Arun Jaitley's promise in his February Budget speech. "The new scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account," he had said.
Government releases draft rules on monetisation plan to mobilise gold held by public - The Economic Times
