Use these loans to meet emergency needs, and not to fund holidays or luxury purchases.
Only 21 tonnes of gold have been mobilised in the last eight years under the gold monetisation scheme (GMS) which was announced by the Government of India in November 2015. This could be considered as a failure as the scheme has undergone several changes with a revamped GMS announced in April 2021 to improve collections. This figure was released by the World Gold Council (WGC) on Wednesday in its report titled 'Gold Investment Market and Financialisation, in India gold market series'.
Gold loans can be released online or by bank transfers.
The Finance Ministry has sought comments from stakeholders.
New gold schemes may perform better than previous plans: UBS.
Conversion into jewellery during redemption would entail 15-20% wastage and making charges, rendering the scheme inefficient
Prime Minister Narendra Modi launched a scheme to tap a pool of over 20,000 tonnes of gold held by households and temples.
The news of Bengaluru-based IMA cheating thousands once again underlines the need for investors to steer clear of unregulated deposit schemes. The most important sign of a Ponzi scheme is the promise of exorbitant returns and so investors must ask how the promoter expects to earn the kind of return he is promising, says Sanjay Kumar Singh.
The government should partner with commodity exchanges such as MCX.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
People can deposit idle gold with authorised agencies and take advantage of the price escalation of gold as well as earn interest on the deposit.
'If you invest in sovereign gold bond, you are going to get the price rise of gold over an eight year period.' 'You're also going to get that two-and-a-half percent which the Government of India is willing to give you, treating the money that you've invested in the sovereign gold bond as a kind of a FD or a deposit.' 'That kind of return you can never get anywhere else.'
'From tariff tensions and border skirmishes to unrest in West Asia.' 'The worst may be behind us. But any further upmove will now have to come from earnings.'
The new Companies Act that came in to force qualified the money mobilised by jewellery companies as deposits and as a result they had to discontinue such schemes.
Finance Minister had announced the scheme in the Union Budget.
Only borrow an amount that can be repaid comfortably. The ratio of total EMI to take-home salary should not exceed 40 per cent.
'India has about 22,000 tonnes of private gold, held by individuals and temples.' 'Much of this is locked up in safes and vaults as a dead investment. If we can put the vast reserves of gold to use, it would boost the economy,' says V P Nandakumar, executive chairman, Manappuram Finance, India's first listed gold loan company.
Chirag Mehta, senior fund manager -- alternative investments at Quantum AMC, shares his views.
A workshop has been organised in Mumbai to come up with suggestions.
The Bureau of Indian Standards has certified 33 hallmarking centres in the country to act as collection and purity testing centres for the gold monetisation scheme.
It has also suggested tax incentives for encouraging use of debit and credit cards as these leave audit trails.
For the first time, consumers, including those at the so-called bottom of the pyramid, are monetising gold by taking loans from banks, offering the yellow metal as collateral, says Tamal Bandyopadhyay.
The ED has attached properties worth Rs 4,109 crore spread across various states in a money-laundering case linked to an alleged ponzi scheme, the agency said on Thursday. The case pertains to the Agri Gold Group of Companies. Three promoters of the group were arrested by the central agency on Tuesday.
The richest Hindu temple in the world could soon come to the rescue of Prime Minister Narendra Modi's plan to recycle tonnes of idle gold and cut economy-hurting imports.
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Returns on godl have depleted in past few years,
For easy and wide access, the government plans to market the bond through post offices and various brokers.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
The scheme is yet to take off.
Shriram Finance's (SHFL's) profit after tax (PAT) rose 10 per cent year-on-year (Y-o-Y) to Rs 2,140 crore in the fourth quarter of the financial year 2024-25 (Q4FY25).
Key to Modi's plan will be the interest rates offered for gold deposits.
Investing is not just about setting aside money -- it's about making it work for you, says Ramalingam Kalirajan.
India imports a staggering 1,000 tonnes of gold every year, draining out foreign exchange and putting pressure on the fiscal deficit.
The RBI has issued guidelines and the government has notified it.
Banks have collected about 1,500 kg of gold from temples and trusts under the Gold Monetisation Scheme (GMS) since its launch last November.
Citizens are encouraged to deposit jewellery, bars or coins with banks so it can be refined to meet fresh demand and cut the need for imports
Analysts say investors should increase their exposure to gold up to 10% of their portfolio, depending on their comfort with a 2-year horizon. But avoid investing in physical gold or deposit schemes run by jewellers
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
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