Gold Monetization Scheme: Now you can deposit gold with jewelers also, government is preparing to bring a new scheme

Business Desk: Gold kept at home will no longer be limited to keeping it only in a bank locker or safe. The Central Government is preparing to launch a new Gold Monetization Scheme soon. Under this scheme, people will be able to deposit their gold not only in banks but also with authorized bullion traders (jewelers). In return, they are likely to get 2.25% to 2.5% interest annually.

According to media reports, the government can announce this new scheme within the next two weeks. Its objective is to include the gold lying idle in homes and temples for years in the country’s economy and to reduce the dependence on gold imports.

Jewelers will also become collection partners

Under the new scheme, authorized jewelers across the country can be made ‘collection partners’. This means that now people will not have to just go to the bank to deposit gold. They will also be able to deposit gold with trusted jewelers near them. Till now this facility was limited to only selected banks.

Government hopes to collect 1000 tons of gold

All India Jewelers and Goldsmiths Federation (AIJGF) believes that by linking jewelers with this scheme, it will be easier for people to deposit gold. With this the government hopes to collect more than 1000 tonnes of gold from the market.

According to reports, if even just 5% of the total gold held by Indian families is deposited in this scheme, then additional cash worth about $ 90 billion (about Rs 8.57 lakh crore) can come into the market. This can help India reduce gold imports for about two years. Also, demand for dollar will decrease and rupee may strengthen.

50 thousand tons of gold in Indian homes and temples

According to the ASSOCHAM report, about 50,000 tonnes of gold is kept in Indian homes and temples. Its estimated value is 10 trillion dollars (about Rs 830 lakh crore). This gold is considered to be worth more than the entire economy of many countries of the world.

Gold import worth Rs 57 thousand crore every month

India is the second largest gold consumer in the world. In the financial year 2026, the country imported an average of 60 tonnes of gold every month. About 6 billion dollars (about 57 thousand crore rupees) were spent on this every month. The government wants to utilize more domestically available gold so that imports can be reduced.

Why did the 2015 scheme fail?

The government first launched the Gold Monetization Scheme in 2015. Under this, people could earn 2.25% to 2.5% annual interest by depositing their gold in the bank. However, the plan did not achieve the expected success.

As against about 25,000 tonnes of domestic gold, only 38 tonnes of gold could be collected under this scheme in 10 years. In view of low participation of people, the government later closed its medium and long-term deposits.

4 big reasons for the failure of the old scheme

• According to experts, there were many reasons behind the old plan not being successful.
• The financial burden on the government increased due to interest and rising gold prices.
  Indian families did not want their traditional and ancestral jewelery to be melted down.
  People were afraid of tax investigation and asking for old bills.
  Banks were not getting any special commercial benefits from this scheme, so they did not promote it much.

What can be the major changes in the new scheme?

In the new scheme, the government is trying to remove the old shortcomings. Under this, jewelers will be made collection partners, which will make it easier for people to deposit gold. Besides, such a system is also being considered which will reduce the fear of tax investigation among the people and make the process simpler than before.

What will be the benefits to the people?

• You will be able to deposit the gold kept at home safely.
• There will be a possibility of getting 2.25% to 2.5% interest annually.
• The need and expense of bank locker may be reduced.
• There will also be facility to deposit gold with jewelers.
• You can get the option to take cash or physical gold on maturity.
• The government aims to save foreign exchange and strengthen the economy by reducing gold imports.

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