Search Result for : Gold Monetisation Scheme

The Dollar Business Bureau With an aim to drive awareness around Diwali on the availability of Indian Gold Coin, MMTC along with World Gold Council has launched a multimedia advertising campaign starting this week that includes newspapers, radio, digital and select cinema halls. More information on Indian Gold Coin can be accessed on www.indiangoldcoin.com or toll free number 1800 1800 000. The Indian Gold Coin is available in denominations of 5 gm and 10 gm coin and 20 gm bar. The coins are currently available at all MMTC outlets across India, along with select branches of seven Banks - Indian Overseas Bank, Vijaya Bank, Federal Bank, Yes Bank, Andhra Bank, ICICI Bank and HDFC Bank. Indian Gold Coin is available at about ...

The Central Government hereby amends the Gold Monetisation Scheme, 2015, published in the Gazette of India, Part 1, Section-1, dated 3rd February, 2016 vide notification of the Government of India in the Ministry of Finance, Department of Economic Affairs number 20/6/2015-FT (pt.7), dated the 3rd February, 2016, namely: 1. This Scheme shall be called the Gold Monetisation (Amendment) Scheme, 2016 and this amendment in the name of the Scheme shall come into effect from the date of its publication in the official Gazette. 2. (1) In the Gold Monetisation Scheme, 2015, in paragraph 11, for sub-paragraph (3), the following sub-paragraph shall be substituted, namely: “(3) For Medium and long Term Government Deposits, redemption of principal at maturity shall, at the option of the ...

The Dollar Business Bureau The fourth leg of Sovereign Gold Bond (SGB) Scheme will be launched soon, and the gold bonds trading shall start during the month end, Ministry of Finance said in a statement on Monday. The Finance Ministry has reviewed the development of Gold Monetisation Scheme (GMS) and Sovereign Bond Scheme (SBS) during a meeting held in New Delhi under the leadership of Department of Economic Affairs (DEA) Secretary, Shaktikanta Das. The meeting was attended by top executives of public and private sector banks, along with the senior officials of Reserve Bank of India (RBI) and Bureau of Indian Standard (BIS). Ever since Prime Minister Narendra Modi launched gold schemes on November 5, 2015, the overall gold accrued under the Short ...

Since the imposition of the import duty on gold in 2013, industry analysts on several occasions asked the government to reduce the duty on yellow metal as it has resulted in gold smuggling The Dollar Business Bureau In the Budget 16, Arun Jaitely had announced a 12.5% excise duty on gems & jewellery industry with input credit, 1% excise duty on the industry without input credit   After a significant decline in gold imports during the period April-December 2015-16, the inbound shipments of yellow metal surged by 62% in January and 85% in the subsequent month. During the first three quarters of the current financial year, the government managed to save Rs.25,000 crore due to less imports of gold and the imposition of a ...

The government hiked the import tariff value on gold to $362 per 10 grams in accordance with global prices. The Dollar Business Bureau The surge in imports of gold and silver further widened the trade deficit gap to a four-month high at $11.66 billion in December 2015.   Despite Prime Minister Narendra Modis desperate attempts to curb gold imports, Indias yellow metal imports skyrocketed by over 179% to about $3.81 billion in December last year. The inbound shipments of gold in December 2014 stood at a little over $1.36 billion. Imports of silver also registered an upsurge, growing at 158% to $472 million in December 2015 from the $182.30 million in the same month a year ago, according to the latest data released from the ...

The Dollar Business Bureau  The Reserve Bank of India (RBI) has made certain amendments to its Master Direction on Gold Monetisation Scheme, a move aimed at making the scheme more customer-friendly. As per the revised scheme, the depositors will now be able to withdraw medium term and long term government deposits pre-maturely after the minimum lock-in period of three years in the case of medium term deposits and after five years in the case of long term deposits. “However, there will be penalty in the form of lower rate of interest for premature withdrawals depending upon the actual period for which the deposit has run,” the central bank said in a statement on Thursday. In the case of large tenders of gold, the yellow ...

The Dollar Business Bureau The Gold Monetisation Scheme is aimed at reducing the country’s reliance on the import of gold to meet the domestic demand   While thousands applied for the subscription of gold bonds worth over Rs. 246 crore in the first tranche, the government’s gold monetisation scheme attracted only a handful of household depositors, prompting authorities to tweak the scheme. The government had launched three gold related schemes—Sovereign Gold Bond Scheme (SGB), Gold Monetisation Scheme (GMS) and Indian Gold Coins and Bullions on November 5. The first tranche of SGB was issued by RBI through its e-kuber system from November 5 to November 20. “This (SGB) scheme saw an overwhelming response from the investors throughout the country and initial figures ...

Interview by Deepak Kumar | The Dollar Business The prime objective of the government to reduce the reliance on import of gold will be defeated as demand for gold may increase, says All India Gems and Jewellery Trade Federation   The Dollar Business (TDB): What are your suggestions to make the gold monetization scheme more successful? Bamalwa: In the Gold Monetization Scheme, the government has now included jewellers as collecting agents. But the incentives for jewellers are yet to be announced. If an exemption is provided for a woman up to 500 gms in terms of income tax etc. then the scheme will fly like a rocket. This 500 gms is called “Stree Dhan” in India and has been exempted in wealth ...