The Central government’s Gold Monetization Scheme, which is being relaunched soon, could just be the answer to bring the whopping gold deposits held by Indians into the market and curb gold imports.
The scheme aims to target not just individuals but organizations such as temple trusts, jewellers and banks too. What is interesting is that the government is likely to exempt the scheme from wealth tax, capital gains tax and income tax.
The gold imports has been a drag on the country’s Current Account Deficit (CAD) and the hefty rise in the import of the yellow metal has been a matter of grave concern. One only hopes that the scheme proves to be a game-changer.
N J Ravi Chander, Bengaluru
