12.42 ndian onom
India is looking at investing US $1 trillion gold (bullion or jewellery) which can be deposited
in infrastructure development by 2017, half is 30 grams and there is no limit for maximum
of which is expected to come from the private deposit.
sector. The instructions announced by the RBI Gold Saving Account can be opened with
are in pursuance of the Union Budget 2015–16 any of the designated bank and denomination in
announcement. grams of gold for short-term period of 1–3 years,
a medium-term period of 5–7 years and a long-
gold InvestMent scheMes term period of 12–15 years. The CPTCs transfer
the gold to the refiners. The banks will have a
Two new gold investment schemes were launched
tripartite/bipartite legal agreement with refiners
by the Government of India by November
and CPTCs.
2015—the Sovereign Gold Bonds and Gold
Monetisation Schemes. The schemes are aimed at For the year 2015–16 interest rates was fixed
twin objectives: as 2.25 per cent and 2.5 per cent for the medium-
and long- term, respectively. Redemption is made
(i) Reducing the demand for physical gold;
in cash/gold for short term and in cash for medium
and
and long term deposits.
(ii) Shifting a part of the gold imported
The difference between the current borrowing
every year for investment purposes into
cost for the government and the interest rate paid
financial savings.
by the government under the medium/long term
Brief feature of the schemes are as given below: deposit will be credited to the Gold Reserve Fund.
sovereign golD bonDs
Mudra Bank
These are issued by RBI on behalf of the GoI
in rupees and denominated in grams of gold As per the Government of India, large industries
and restricted for sale to the resident Indian provide employment to only 1.25 crore people in
entities only, both in demat and paper form. The the country while the micro units employ around
minimum and maximum investment limits are 12 crore people. There is a need to focus on these
two grams and 500 grams of gold per person per 5.75 crore self-employed people (owners of the
fiscal year, respectively. The rate of interest for micro units) who use funds of Rs. 11 lakh crore,
the year 2015–16 was 2.75 per cent per annum, with an average per unit debt of merely Rs. 17,000.
payable on a half yearly basis. The tenor of the Capital is the key to the small entrepreneurs. These
Bond is for a period of 8 years with exit option entrepreneurs depend heavily on the local money
from 5th year onwards. KYC norms are the same lenders for their fund requirements.
as that for gold. Exemption from capital gains tax Looking at the importance of these enterprises,
is also available. Redemption is made in the rupee the Government of India launched (April 2015)
value equivalent to the price of gold at the time the Micro Units Development and Refinance Agency
of maturity. Bank (MUDRA Bank) with the aim of funding
these unfunded non-corporate enterprises. This was
golD monetisAtion scheme launched as the PMMY (Prime Minister Mudra
In this scheme, BIS (Bureau of Indian Standards) Yojana). Important features of the MUDRA Bank
certified CPTCs (Collection, Purity Testing are as given below:
Centres) collect the gold from the customer on Under this banking model, the micro
behalf of the banks. The minimum quantity of units can avail up to Rs. 10 lakh loan