On the basis of Savings Account people will now get the opportunity to open Gold Savings Account in banks and post offices very soon. For the major changes in the Gold Sector, the Ministry of Finance has prepared a proposal for the Gold Policy and the PMO has also stamped the agreement on this. Cabinet will also approved this proposal will soon.
High officials of the Finance Ministry say that the objective of the government is that through savings account people easily get able to get gold account so that the import of gold can be reduced as soon as possible. If this scheme increases in the market, then surely more gold will be available in the market according to Gold's demand. According to the high officials of the Finance Ministry, the government wants to launch this scheme in villages with a strong presence in the villages so that the general rural population can also enjoy the benefits of this scheme.. For this, the post office chains along with banks will also be used so that the benefits of this scheme reach the common man.
How much gold will get
According to the sources, people will able to get gold according to the money deposited in their Gold Savings Account. However this option will also available. People will be able to withdraw whatever money or gold according to their choice while withdrawing money. Capital gains tax will not be charged on the withdrawal of money. The interest given by the bank on the Sovereign Bond scheme, the same interest will be given on the Gold Savings Account. I.e. 2.5 percent annual interest one particular thing is that the amount of gold that will be available at the time of withdrawal of money will not apply the duty imposed on gold import. Pawan Gupta, vice president, PP Jewelers says that through this scheme, people will get the option of saving to buy gold. Apart from this, the money which the government has chosen to take is also rational. Assuming someone would be able to get cash instead of taking gold.
Goal to reduce gold import
High officials of the Finance Ministry say that the government wants to reduce the import of gold. At present, the demand for gold has also decreased. According to the World Gold Council report, in the first quarter of 2018, demand for gold in India has reduced by 12 percent. It has decreased from 131.2 tonnes to just 115.6 tonnes. Earlier, there was a demand of gold worth Rs 34,400 crore, but during January-March, it was Rs 31,800 crore.
According to the Council, if there is a similar slowdown in the demand, prices may come down. Meanwhile, the demand for jewelery is also reduced by 12 per cent. In the first quarter of this year, jewelery demanded 87.7 tonnes of gold, compared to 99.2 tonnes last year. During this, gold imports decreased by 41 per cent. This is just 153 tonnes compared to 260 tonnes last year. Finance Secretary Hamsukh Adhia says that we want to reduce the gap between imports and exports. If the trade deficit is in control then the fiscal deficit will also be under control. The government's effort will continue for this.
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