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It added that the country's largest lender collected as much as 3,973 kg of gold during 2019-20 under the GMS, a programme launched by the government to utilise gold lying idle with individuals as well as trusts.
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A capital gains exemption scheme for gold holdings on the lines of Section 54EC of the Income-tax Act could help.
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The changes are a win-win for both as temples will earn a tax-free dividend on their hoard while the government gets the gold it needs.
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The revamping of the scheme is aimed at enabling people to open a hassle-free gold deposit account.
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The finance ministry has permitted auction of gold collected under the Gold Monetisation Scheme (GMS), 2015 launched by the government to reduce the import and limit trade imbalance
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To be fair there is nothing wrong with the idea of seeking gold hoarded at homes or in bank lockers to be brought into the economy. It was an innovative idea which the government dared to test. Being the second largest buyers of gold, which accounts for more than 25 percent of India’s trade deficit, Indians have persisted in investing in an unproductive asset.
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The study was conducted by researchers of Institute for Financial Management and Research (IFMR) and funded by India Gold Policy Centre (IGPC) of the Indian Institute of Management Ahmedabad (IIM-A).
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Under the scheme, banks are authorised to collect gold for up to 15 years to auction them off or lend to jewellers from time to time.
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State-owned trading firm MMTC to e-auction the precious metal collected by the government under the Gold Monetisation Scheme in lots of five kg bars
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The holder of the deposit certificate would be able to get is that now this would not be classified as a capital asset
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Government on May 16 said that trading of the Sovereign Gold Bond (SGB) will begin by month-end and the fourth tranche of the scheme will be launched thereafter
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The government has so far
collected 2.8 tonnes of gold under the Gold Monetisation
Scheme (GMS), which has been in force for a little over six
months, Parliament was informed today.
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Banks have collected about 1,500
kg of gold from temples and trusts under the Gold Monetisation
Scheme (GMS) since its launch last November.
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The bank has mobilised substantial gold deposit under Short Gold Bank Term Deposit (STGBD) for three years from one of the leading trusts of India - Tirumula Tirupati Devasthanam, Tirpuati (TTD), PNB said in a statement.
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"Now, for the gold deposited under Medium and Long Term Government Deposits (MLTGD), the redemption of principal at maturity shall, at the option of the depositor, be either in Indian Rupee equivalent of the value of deposited gold at the time of redemption or in gold," the Finance Ministry said in a release.
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It pays to know the liquidity and taxation aspect while investing in gold while exploring newer options as they are cost efficient.
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Following realisation of just 3 tonnes of gold, Economic Affairs Secretary Shaktikanta Das met with Indian Bullion Association and jewellery representatives to discuss ways to make the programme work better.
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The Finance Ministry today said government will pay banks a 2.5 per cent commission for mobilising gold under the gold monetisation scheme and depositors will be permitted premature withdrawal of the deposited metal.
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Prime Minister Narendra Modi launched the Gold Monetisation Scheme on Nov. 5 to lure an estimated 20,000 tonnes of gold hoarded in households and temples into the banking system and trim the import bill of the world's second biggest gold consumer after China.
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The trust has around 35 kg of gold and will deposit the gold which is not in day-to-day use of the temple. The decision was taken during the recently held meeting of trustees at Modi's residence in Delhi on January 12, said the trust secretary P K Lahiri, who is also one of the trustees of the Somnath Temple, situated in the Gir-Somnath district.
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Finance minister Arun Jaitley believes the gold monetisation scheme will find acceptance and he is not worried about it. Meanwhile, he also adds that an altered divestment strategy will be finalised shortly. He also feels that banks will need to take tough steps to recover dues
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Crucial bills such as the Goods and Service Tax (GST) Bill and the Land Bill may not see the light of the day in 2015, but the government most definitely was not sitting idle
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"The Gold Monetisation Scheme is entirely voluntary and it is for individuals, institutions and others to take their own decision to monetise the gold held by them under the scheme. The objective is to monetise the idle gold held within the country and promote financial savings," the Finance Ministry said in a statement.
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Reports say the government is trying to persuade rich temples to deposit some of their gold hoards with banks to revive a plan to recycle tonnes of the precious metal and cut gold imports.
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The meeting, to be chaired by economic affairs secretary Shaktikanta Das, is also likely to be attended by RBI deputy governor HR Khan, an official said.
