Vaibhav Bijwe
The gold monetization scheme is the scheme launched by the central Government of India on 5th November 2015 under the leadership of Prime Minister Shri Narendra Modi. The main objective of the scheme is to reduce gold imports in India and mobilization of gold held by Households and Institutions in the country. The scheme will help to save foreign exchange and deal with the problem of current account deficit.
Benefits of gold monetization scheme:
- People who participated in the scheme, wealth tax, income tax and capital gains tax exemption can be granted
- The weight of gold remain same forever if you keep is in the house, But the GMS increase the weight of the gold according to the given interest rate
- Customer gold will be securely maintained by the bank
- Customer will get the true value of his/her gold
- This scheme provides benefit to Indian gems and jewelry sector
This scheme is divided into 3 term plan which is follows
- Short-term: 1 to 3 years
- Medium term: 5 to 7 years
- Long term: 12 to 15 years
Required eligibility and conditions for gold monetization scheme:
- The scheme is introduced for all Indian resident
- Joint deposits of two or more eligible depositors are also allowed under the scheme
- Investor needs to deposit minimum 30 grams of gold to earn interest on deposit
Document required for the scheme:
- Address proof e.g. Certificate from residence authority
- ID proof e.g. Aadhaar card
- Passport size photograph
- Gold saving bank account
Whom to contact and where to contact for getting benefits of (GMS):
- You can contact to all nationalized bank e.g. ICICI bank, SBI and etc.
