The government has released Draft Guidelines for the new Gold Monetization Scheme . In Budget2015 , Jaitley had mentioned this. Essentially you can deposit gold with banks and they’ll give you interest (in Gold!) of something like 1% a year, and you are expected to rush to the nearest bank and dump all that yellow metal you have, and save India tons of money in valuable foreign exchange because we import gold like crazy. The contours of the scheme are in. They’re yet to be finalized, but at least we have something. Here’s the Process. You don’t go to a bank . This might sound a little stupid, but bear with us please. You go to a Purity Testing Center, called a Hallmarking Center. These guys tell you the “genuine” nature of your gold. You give them the gold, they do a prelim test on an XRF machine, and tell you approximate values of pure gold that you’ve given.… (Read On…)
[via Capital MindCapital Mind]
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