Do you make good use of gold kept at home?
Tuesday - January 7, 2020 11:26 am ,
Category : WTN SPECIAL
Interest in investing gold in the Gold Monetization Scheme
Know how Gold Monetization Scheme redound you beneficial?
JAN 07 (WTN) - Gold has always been a weakness of every Indian woman. For centuries, women's attachment to the gold jewelry is not hidden from anyone. Actually, investment in gold is considered a good way in India. At the time of any kind of financial problem, by selling gold immediately, financial trouble can be overcome. Due to all these reasons, gold jewelry is kept in large numbers in the homes of Indian people. But economists believe that gold kept in the house is unusable in a way because it does not yield any kind of returns.
As we told you, gold jewelry is kept in the form of investment and status symbol in people's homes in India. In such a situation, banks are now trying to use this gold to bring the gold kept in the house to the banks. According to the information received from the media, the finance ministry has asked banks to set a target every quarter according to how much gold is to be collected from customers under the Gold Monetization Scheme. At the same time, the Finance Ministry has also directed to set the target every quarter.
For your information, let us know that according to the media, a meeting of people related to banks and the gold sector has been held in the Finance Ministry on this matter. It is being said that there is also a plan to create a special portal for the Gold Monetization Scheme. If you don’t know about the Gold Monetization Scheme, then for your information, let us explain that under this scheme, the consumers of the bank can deposit the gold kept in the house with the bank for a fixed period. Under this scheme, it will have to keep at least 30 grams of gold of 995 purity in the bank. In this, you can keep bank gold bars, coins and jewelry (without stones and other metals).
Under this scheme, the interest in gold deposited in the bank is 2.25 to 2.50 per cent. Explain that so far many people and institutions have deposited gold in the bank under this scheme. Not only this, but some big temples have also deposited gold in the banks under this scheme. The famous Tirumala Tirupati Devasthanam Trust temple of South India has deposited 2,780 kg of gold under the Gold Monetization Scheme, and under this scheme, the temple will get Rs 807 crore in exchange for gold every year.
For your information, let us know that the Gold Monetization Scheme was started by the Modi Government in the year 2015. At the same time, the Reserve Bank of India has changed the rules of this scheme so that more and more people can take advantage of the Gold Monetization Scheme. After a change in the rules of this scheme, depositors can deposit their gold directly in banks, refiners, or Collection and Purity Testing Centers (CPTCs).
Let you know that the CPTCs (Collection and Purity Verification Centers) give the certificate of purity of gold before depositing gold under the Gold Monetization Scheme. Actually, banks were facing some difficulties in dealing with CPTCs. This is why, because banks were raising many questions on the credibility of gold tested by CPTCs. But now consumers can also credit their gold by opening an account under the new rules. After checking the gold, the gold is sent to the refinery by the CPTC, from where the final certificate about the purity of the gold is obtained.
For your information, let us know that the special thing about the Gold Monetization Scheme is that earlier you used to keep your gold in the bank locker, but now there is no need to rent a locker to keep gold under this scheme. At the same time, you do not get interest in keeping gold in the locker, and vice versa you have to pay the rent of the locker. But there is no need to take a locker for keeping gold in the bank under the Gold Monetization Scheme, while keeping the gold in the bank under this scheme you also get interest.
JAN 07 (WTN) - Gold has always been a weakness of every Indian woman. For centuries, women's attachment to the gold jewelry is not hidden from anyone. Actually, investment in gold is considered a good way in India. At the time of any kind of financial problem, by selling gold immediately, financial trouble can be overcome. Due to all these reasons, gold jewelry is kept in large numbers in the homes of Indian people. But economists believe that gold kept in the house is unusable in a way because it does not yield any kind of returns.
As we told you, gold jewelry is kept in the form of investment and status symbol in people's homes in India. In such a situation, banks are now trying to use this gold to bring the gold kept in the house to the banks. According to the information received from the media, the finance ministry has asked banks to set a target every quarter according to how much gold is to be collected from customers under the Gold Monetization Scheme. At the same time, the Finance Ministry has also directed to set the target every quarter.
For your information, let us know that according to the media, a meeting of people related to banks and the gold sector has been held in the Finance Ministry on this matter. It is being said that there is also a plan to create a special portal for the Gold Monetization Scheme. If you don’t know about the Gold Monetization Scheme, then for your information, let us explain that under this scheme, the consumers of the bank can deposit the gold kept in the house with the bank for a fixed period. Under this scheme, it will have to keep at least 30 grams of gold of 995 purity in the bank. In this, you can keep bank gold bars, coins and jewelry (without stones and other metals).
Under this scheme, the interest in gold deposited in the bank is 2.25 to 2.50 per cent. Explain that so far many people and institutions have deposited gold in the bank under this scheme. Not only this, but some big temples have also deposited gold in the banks under this scheme. The famous Tirumala Tirupati Devasthanam Trust temple of South India has deposited 2,780 kg of gold under the Gold Monetization Scheme, and under this scheme, the temple will get Rs 807 crore in exchange for gold every year.
For your information, let us know that the Gold Monetization Scheme was started by the Modi Government in the year 2015. At the same time, the Reserve Bank of India has changed the rules of this scheme so that more and more people can take advantage of the Gold Monetization Scheme. After a change in the rules of this scheme, depositors can deposit their gold directly in banks, refiners, or Collection and Purity Testing Centers (CPTCs).
Let you know that the CPTCs (Collection and Purity Verification Centers) give the certificate of purity of gold before depositing gold under the Gold Monetization Scheme. Actually, banks were facing some difficulties in dealing with CPTCs. This is why, because banks were raising many questions on the credibility of gold tested by CPTCs. But now consumers can also credit their gold by opening an account under the new rules. After checking the gold, the gold is sent to the refinery by the CPTC, from where the final certificate about the purity of the gold is obtained.
For your information, let us know that the special thing about the Gold Monetization Scheme is that earlier you used to keep your gold in the bank locker, but now there is no need to rent a locker to keep gold under this scheme. At the same time, you do not get interest in keeping gold in the locker, and vice versa you have to pay the rent of the locker. But there is no need to take a locker for keeping gold in the bank under the Gold Monetization Scheme, while keeping the gold in the bank under this scheme you also get interest.
