Current Affairs PDF

PM launches gold schemes, coin with Ashok Chakra

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

PM Narendra Modi unveils first ever Indian gold coin & bullion bearing national emblem Ashok Chakra and Mahatma Gandhi’s image.

To tackle the demand for physical gold, Prime Minister Narendra Modi launched three gold related schemes, including ‘India gold coin’ bearing Ashok Chakra, gold monetisation and sovereign gold bond schemes.

Coin

  • The coins will be available in denominations of 5 and 10 grams initially. A 20 gram bullion will also be available through 125 MMTC outlets.
  • The Indian Gold Coin and bullion bearing national emblem Ashok Chakra, as a matter of pride for the nation and people don’t have to depend on foreign-minted gold coins.

A glimpse of three schemes:

Gold coins Gold   Monetisation Scheme(GMS) Sovereign Gold Bond
In denominations of 5 and 10 grams Can earn up to 2.50 per cent interest rate Rs 2,684 per gram.(Fixed Price)
20 gram bar will be available Medium term(5-7 years) and Long term ( 12-15 years) 5, 10, 50 and 100 grams of gold(denominations)
15,000 coins(5 gm) -20,000 coins(10 gm) -3,750 gold bullions available through MMTC outlets. The principal and interest of the deposit under the scheme will be denominated in gold. Eligible for Statutory Liquidity Ratio(SLR).Commission 1% of the subscription capital gains tax(same as physical gold)
Feature:

Carry advanced anti-counterfeit features and tamper proof packaging

Earnings are exempted from capital gains tax, wealth tax and income tax. KYC documents such as `Voter ID, Aadhaar Card/PAN or TAN /Passport

Key points:

Gold Monetisation Scheme

  • Resident Indians can make deposits in this scheme.
  • Minimum deposit at any one time will be raw gold (excluding stones) equal to 30 grams. No maximum limit for deposit.
  • Interest on deposits will start accumulating from the date of conversion of gold deposited into tradable gold bars 30 days after the receipt of gold at the Collection and Purity Testing Centres (CPTC) or the designated branch of the bank.

Sovereign Gold Bond

  • The bonds will be available both in demat and paper form.
  • It has more or equal leverage as compared to the physical gold.
  • RBI will issue the bond on account of the Government of India.
  • Restricted to resident Indian entities  for sale and the maximum limit is 500 grams per person in a year.