There are 350,000 jewellers, of which 13,000 are BIS-certified.
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.
A workshop has been organised in Mumbai to come up with suggestions.
Deposit certificates will also be exempt from capital gains tax.
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'.
The scheme calls for banks, refineries and hallmarking centres to work together.
The government plans to borrow Rs 6 lakh crore in this financial year.
India has 20,000 tonnes of idle gold; gold is an important aspect of women empowerment: PM.
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.
Chirag Mehta, senior fund manager -- alternative investments at Quantum AMC, shares his views.
Gold deposited by households to gold savings accounts will be used for auctioning, replenishment of RBI's gold reserves.
'What exactly is on the prime minister's mind, we do not know. But it feels like the government wants the country to be prepared for unseen challenges ahead.'
Govt proposes to introduce redeemable gold bonds.
India imports a staggering 1,000 tonnes of gold every year, draining out foreign exchange and putting pressure on the fiscal deficit.
India will also launch a sovereign gold bond to lower physical demand.
This may free up resources for productive or lending purposes.
A Ganesh Nadar/Rediff.com speaks to common folk in Tamil Nadu about whether they will invest in Arun Jaitley's gold monetisation scheme. Their reactions will not make the Union finance minister happy.
Gold schemes are offering attractive returns to investors.
Of the 1,000 surveyed by IIM-A, only five were aware about the government-sponsored gold schemes
The government should partner with commodity exchanges such as MCX.
Finance Minister had announced the scheme in the Union Budget.
It makes sense to wait for govt schemes such as gold bonds.
Jewellers see flat gold sales this Dhanteras
While the government has not made the report public, sources said the panel had recommended a sharp cut in all taxes on the gold business, including import duty and goods and services tax which amounts to over 13%.
Gold stocks in India are estimated to be over 20,000 tonnes at present.
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 recently approved government scheme provides both liquidity and returns.
India's gold obsession needs a correction.
The government has retained 10% duty on import of the yellow metal.
It plans to use it as collateral, along with forex reserves, to print currency.
India's annual gold consumption is about 800-900 tonnes, of which about 750 tonnes is imported. However, in 3-5 years, domestic refineries would meet the whole demand, reports Rajesh Bayani.
A dedicated physical gold exchange could lead to standard gold pricing in India.
It is best to invest long-term surplus in stocks or equity mutual funds.
Experts have started giving comments on provisions that the govt must make in Budget 2016-17.
Simple takeaways from the Union Budget 2015-16 and how it impacts your life
The president outlined the government's agenda in the coming financial year in his customary address to the joint sitting of both the Houses of Parliament.
The Budget touches a few highs and lows as far as personal finance is concerned, and one needs to be aware of them in order to optimise on one's investment plans.
Indian economy about to take-off
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