The Gold Monetization Scheme is getting serious day by day. The value of gold is so much. But it is not really of use until it is kept idle at your home. There are certain schemes and policies made for these issues. The schemes that are made will be for benefiting the people and the nation as well. That is the reason why the government initiated three types of gold-related schemes.
- Gold Monetization Scheme
- Sovereign Gold Bond Scheme
- Indian Gold Coin Scheme
Gold Monetization Scheme is such a scheme which will behave like a savings account for gold. This means that the people will deposit the gold that they have. In return, they will all be getting interested in the gold that they have deposited. Gold Monetization Scheme is a way to earn money for a lot of people.
Objectives Of Gold Monetization Scheme
There are certain goals and objectives of Gold Monetization Scheme 2018. Let’s have a look at these:
- The gold which is in the households and institutions will be easily mobilized.
- It will boost the factors related to gems and jewelry in our country. This will happen as the gold will be essential as a raw material.
- As the domestic demand makes us dependent on the import of gold, this scheme will reduce that too.
- There are various time periods in which the gold can be a deposit. It may be short term or long term or medium term. The interest rate will, of course, be different for different time periods.
How Does This Work?
The working Procedure of Gold Monetization Scheme 2018 is as follows:
- The customer has to deposit the gold to the bank at first. Then the purity of the gold will be properly determined and the gold will be credited to the account.
- The deposited gold is available to different Jewelers with a bit high interest. The interest given to the customer will be lower than the interest taken by jewelers.
Features of Gold Monetization Scheme
The key features of Gold Monetization Scheme for Karnataka are:
- The deposit of raw gold is acceptable. But it should be more than 30 grams. It may be in many forms.
- There is no limit on the deposits.
- The scheme allows withdrawals that are premature. But it has a certain cost or penalty.
- Every commercial bank in the country will be able to apply the scheme.
- The interest for every year is 2.5%.
- The interest depends upon the gold that gets deposited.
Advantages Of Gold Monetization Scheme
The advantages of Gold Monetization Scheme for Karnataka are:
- The idle gold in a house can be useful for earn money.
- The scheme has flexibility as you can withdraw the investment anytime.
- To start the investment it only requires 30 gram of gold. So anyone can do that.
- With the help of this scheme, there will be a decrease in Gold import. This helps the country.
Gold Monetization Scheme for Karnataka proves to be a way of earning money for many people. It also gives you a way to use the idle gold in your house.
For more schemes, click here.