How to make Indians part with gold
NEW DELHI: Indians love gold. Almost every household purchases gold on festive occasions, even if a small quantity. Over the last few decades, household stock of gold has piled up significantly. To put this asset to productive use and help reduce India’s dependence on gold imports, government introduced the Gold Monetisation Scheme (GMS) in 2015.
One can deposit gold in any form (bars, coins, jewellery excluding stones and other metals) in a GMS account with banks to earn interest as also not lose out on the appreciation in gold value. The income under GMS enjoys exemption from income-tax in India.
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