Budget 2018: “gold policy” would be formulated by government, Jaitley says

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The government would frame a comprehensive Gold Policy to develop the valueable metal as an asset class. Said by Finance Minister Arun Jaitley.

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Jaitley said that the government will also launch a system of consumer-friendly and trade efficient regulated gold exchanges in the country.

Finance minister also said that in the Budget that the Gold Monetization Scheme will be revamped to enable people to open a hassle-free Gold Deposit Account.

The Central government has imposed social welfare addition of 3 percent on the “aggregate” custom duty, which is currently being charged on gold that is in unwrought form or in semi-manufactured form or in powder form.

The gold monetization scheme, however, hasn’t taken off significantly. For this, you would have to open a gold savings account and deposit any gold you have in lieu of interest to be paid against the value of gold deposited. The GMS has replaced the Gold Deposit Scheme, 1999.

Under GMS, the minimum deposit at any one time can be raw gold, which includes, coins, jewellery that does not contain stones and other metals, equivalent to 30 grams of gold. under the scheme There is no maximum limit for deposit.

 

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