Central government quite keen to Gold Jewellery Deposit scheme:!!
Posted on: 24/Jul/2015 4:40:07 PM
With the recent trend of falling gold prices, the public have been indulging in buying gold jewellery in large quantities.
With the prospects that the gold prices may go down further, news is gathered that the central government is quite keen on implementing the gold jewellery deposit scheme immediately.
Central Finance Minister Arun Jaitley announced the gold jewellery deposit scheme during the budget presentation.
As per this scheme, both individuals and companies can deposit their excess gold jewelleries in gold savings account after BSI quality check.
A minimum of 30 grams of gold jewellery has to be deposited. The minimum period of deposit is 1 year.
Interest will be earned in the form of either money or gold jewellery units for these deposits.
In the 1st phase, the scheme will be implemented in a few cities. Depending on the demand, it will be extended to other cities and places.
The main purpose of the scheme is the facility for the public to earn interest on their gold jewellery instead of keeping under lockers. Also, the items will be more secure and safe.
Further, gold jewellery sellers can avail loans from their gold jewellery deposit accounts.
Arun Jaitley had indicate that the banks and other agents can convert the gold into money if required. Even the public will have the facility to convert the gold their in their account into money.
It is expected that the scheme will bring down the gold import!
