Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / Shirdi temple pledges 200 kg gold to monetization scheme
  • Business

    Shirdi temple pledges 200 kg gold to monetization scheme

    Kartikeya Jain
    Written by
    Kartikeya Jain
    Mail
    Last updated on Dec 13, 2015, 03:03 pm
    Shirdi temple pledges 200 kg gold to monetization scheme
    Credits:
  • The Sai Baba temple in Shirdi has decided to pledge 200 kg of gold to the PM's gold monetization scheme.

    A verdict by the Bombay HC in 2012 prohibits the temple from melting gold offered by devotees.

    The temple trust is now looking for ways to get the court ban lifted, in order to make use of the Centre's gold monetization scheme.

  • In this article
    What is the Gold Monetisation scheme? What's the need for such a scheme? Another RBI scheme to curb gold imports Cabinet approves gold monetisation scheme Gold monetisation scheme to get India Gold Coins PM to launch gold scheme on Nov 5 RBI issues guidelines for gold scheme PM officially launches three gold monetisation schemes Gold scheme pegged too high to find success Tirupati Temple could subscribe to Modi's gold scheme Shirdi temple pledges 200 kg gold to monetization scheme
  • Scheme

    What is the Gold Monetisation scheme?

    What is the Gold Monetisation scheme?
  • The depositors of gold would earn interest on their accounts.

    The minimum quantity of deposits is pegged at 30 gram to encourage even small deposits.

    Both principal and interest to be paid to the depositors of gold at maturity of the scheme, will be 'valued' in gold.

    Customer can choose take cash or gold at redemption, though he's supposed to specify it when depositing.

  • 9 Sep 2015

    What's the need for such a scheme?

    What's the need for such a scheme?
    Credits:
  • The government said that the gold monetization scheme would decrease India's dependence on the import of gold which can be put to productive use.

    An assessment claimed that India spent "$34.32 billion to import about 930 tonnes of gold" in 2015.

    India has gold stocks of 20,000 tonnes which aren't "traded, nor monetized"; the gold monetization scheme would make this gold available to jewelers.

  • Information

    Another RBI scheme to curb gold imports

  • RBI will also offer Gold Bonds to lower India's gold imports wherein "RBI will issue bonds in the denomination of 2 gms, 5 gms and 10 gms of gold."

  • 9 Sep 2015

    Cabinet approves gold monetisation scheme

    Cabinet approves gold monetisation scheme
    Credits:
  • The Cabinet had approved the gold monetisation scheme in order to to reduce the metal's demand in physical form.

    The scheme was announced in the 2015-16 budget by Finance Minister Arun Jaitley.

    The interest earned on the scheme would be exempt from income tax as well as capital gains tax.

    Jaitley said people would be able to take advantage of the escalating gold prices.

  • 28 Sep 2015

    Gold monetisation scheme to get India Gold Coins

    Gold monetisation scheme to get India Gold Coins
    Credits:
  • Metals and Minerals Trading Corporation (MMTC) announced that it will launch India Gold Coins across the country in October.

    This launch would be a part of the Centre's gold monetization scheme that would enable investors of gold to "earn interest on their metal accounts."

    Initially, MMTC would make 20,000 coins every month, which could rise to 50,000 depending on their market.

  • 20 Oct 2015

    PM to launch gold scheme on Nov 5

    PM to launch gold scheme on Nov 5
    Credits:
  • Prime Minister Narendra Modi would launch the gold monetisation scheme on November 5.

    The scheme is aimed at tapping part of an estimated 20,000 tonnes of idle gold lying with households and temples worth about Rs.52 lakh crore into the banking system.

    Along with this, the Prime Minister would also launch the gold bond scheme and the Indian gold coin scheme.

  • 23 Oct 2015

    RBI issues guidelines for gold scheme

    RBI issues guidelines for gold scheme
    Credits:
  • Ahead of the formal launch of the gold monetisation scheme, RBI issued guidelines for the scheme.

    The scheme will allow banks to fix their own interest rates on gold deposits.

    The designated banks will accept gold deposits under the Short Term Bank Deposit (STBD- 1-3 years) as well as Medium (5-7 years) and Long Term (12-15 years) Government Deposit Schemes.

  • 5 Nov 2015

    PM officially launches three gold monetisation schemes

    PM officially launches three gold monetisation schemes
    Credits:
  • PM Modi officially launched the three schemes for gold monetisation in India.

    As a part of the 3 schemes introduced, banks will accumulate gold for up to 15 years to auction them off or lend to jewellers.

    The banks will give interest at the rate of 2.25-2.50% per year.

    PM said the women of India would be significant in making the scheme work.

  • 23 Nov 2015

    Gold scheme pegged too high to find success

    Gold scheme pegged too high to find success
  • Indian government's Gold Bond Scheme did not initiate much response with the banks having managed to collect a small Rs.150 crores (from the 400gms gold collected) under the initiative.

    The principal reason for this paltry collection is the increased issuance price.

    The RBI has fixed it at Rs.2,684 a gram, which is higher than the market price and hurt the scheme the most.

  • 6 Dec 2015

    Tirupati Temple could subscribe to Modi's gold scheme

    Tirupati Temple could subscribe to Modi's gold scheme
    Credits:
  • The world's richest Hindu temple, the Tirupati Temple in Andhra Pradesh, could subscribe to Narendra Modi's plan to recycle idle gold and cut economy-hurting imports.

    Tirupati earns an interest of 1% on its deposited gold with banks, but the new scheme's offer of 2.5% interest annually could see the temple trust invest in Modi's scheme.

    Tirupati could contribute up to 5.5 tonnes of gold.

  • 13 Dec 2015

    Shirdi temple pledges 200 kg gold to monetization scheme

    Shirdi temple pledges 200 kg gold to monetization scheme
    Credits:
  • The Sai Baba temple in Shirdi has decided to pledge 200 kg of gold to the PM's gold monetization scheme.

    A verdict by the Bombay HC in 2012 prohibits the temple from melting gold offered by devotees.

    The temple trust is now looking for ways to get the court ban lifted, in order to make use of the Centre's gold monetization scheme.

Latest News
  • Microsoft demonstrates Mesh mixed reality platform for virtual collaboration
    Microsoft demonstrates Mesh mixed reality platform for virtual collaboration
    Science
  • IPL 2021: Dhoni arrives in Chennai; Records he can break
    IPL 2021: Dhoni arrives in Chennai; Records he can break
    Sports
  • SpaceX's Starship SN10 rocket explodes after successful landing
    SpaceX's Starship SN10 rocket explodes after successful landing
    Science
  • Man detained for Taj Mahal hoax bomb threat call: Police
    Man detained for Taj Mahal hoax bomb threat call: Police
    India
  • Income Tax raids at homes of Vikramaditya Motwane, Vijay Subramaniam
    Income Tax raids at homes of Vikramaditya Motwane, Vijay Subramaniam
    Entertainment
Trending Topics
Bharti Airtel Mukesh Ambani Twitter WhatsApp Reliance Jio OPPO Isha Ambani
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Twitter Indian Premier League Samsung Virat Kohli
Rohit Sharma Cricket News YouTube Hollywood News WhatsApp Bollywood News Nitin Gadkari ISRO Yoga Honda
Batman Football News BMW Vaccine Reliance Jio OPPO Food News, Healthy Recipes Tesla Royal Challengers Bangalore Toyota
Fashion Tips Emmy Awards Mercedes Barcelona FC Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Marvel Comics
Avengers Neha Kakkar Premier League Big Bang Theory
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021