GOLD MONETIZATION SCHEME, 2015.
GOLD MONETIZATION SCHEME, 2015.
• Gold lying in the locker appreciates in value if gold price goes up but such gold doesn't pay the investor a regular interest/dividend. Further, the investor incurs carrying cost for safe storage of such gold (ie locker charges).
• For providing the investors an opportunity to earn regular interest on their gold, the Government of India has introduced the Gold Monetization Scheme, 2015.
• Under the Gold Monetization Scheme, 2015, on investor opens an account with a bank and deposits his gold in any physical form. (such as jewellery coins, bars, etc). The investor not only earns interest on the gold-so deposited but also saves the Carrying costs, as-described above. The deposited gold is then lent by the banks to jewellers at an interest rate little higher than The interest paid to the investor. Since the demand of the jewellers Met domestically, there is a possibility to reduce the import of gold from outside India.
• The gold so deposited earns interest based on gold weight. Both principal and interest to be paid to the depositors of gold will be valued in gold. For example, if an investor deposits 100 gm of gold and gets interest, then, on - maturity he has a credit of 101 gram.
• Investors will have the choice to take cash or gold on redemption, but the preference has to'be stated at2the time of deposit.
•
For making this scheme
attractive, the following benefits have been
allowed under the Income Tax Act, 1961:
➢
Interest on gold deposited under this scheme
has been exempted from income tax u/s 10(15).
➢ deposit Certificates issued under the Gold Monetization Scheme, 2015 have been excluded from the definition' of 'capital asset` as given u/s 2(14). Consequently, transfer of same would be exempt from capital gains tax.
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