With the recent trend of falling gold prices, many people have ventured to buy gold jewellery in large quantities. With further expectation that gold prices will go down further, news has been gathered that the central government is quite keen to implement the gold jewellery deposit scheme.
Central Minister for Finance, Mr. Arun Jaitley, made an announcement about gold jewellery deposit scheme while presenting the budget.
As per this scheme both individuals and companies can invest these in gold savings in banks after BSI quality check.
The deposit will be minimum 1 year duration. A minimum of 30 grams gold jewellery has to be deposited. This investment will accrue interest in the form of money or gold jewellery units.
It is proposed that this scheme will be introduced in a few cities in the 1st Phase.
With this scheme, people will have the benefit of earning interest for their gold jewellery instead of keeping it in lockers.
Also, security by depositing in gold savings is the best aspect.
Gold Jewellry Salespersons can get loans from their gold jewellery deposit savings accounts.
Minister Arun Jaitley has mentioned that the banks & agencies can have the facility to convert gold into money. This will facilitate the public as well sad companies to exchange the gold for cash/money.
If the scheme is successful, there are prospects for reduction in gold import!
258 total views, 1 views today