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Modi launches 1st ever gold coin, 2 schemes to reduce physical gold demand


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Shivanand Prabhu
WHAT ABOUT NSEL E-GOLD
by Shivanand Prabhu on Nov 06, 2015 01:57 PM

We had a BITTER EXPERIENCE in NSEL E-Gold.

Have the scamsters been Booked. What about our losses.

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vishnu Chari
Gold scheme - A damp squib plan
by vishnu Chari on Nov 05, 2015 06:45 PM

India is one of the highly corrupt country where people from all walks of life make money through different means without paying income tax or other dues of govt. using Govt. machineries by paying bribes. That being the case in India who will deposit Gold/jeweleries purchased out of ill gotten money. We need to simplify all Govt. procedures and instill confidence in the minds of people before introducing such scheme in India. The plan could be a non-starter fearing that govt. might start investigation later to find the source of money used for purchase of gold. It is a fact that lots of golds are held by Indian purchased out of ill gotten money.

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Prasad Kulkarni
Gold schemes
by Prasad Kulkarni on Nov 05, 2015 06:30 PM  | Hide replies

I would have bought the coins with only Ashok Chakra on one side.

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jignesh narayan parmar
Re: Gold schemes
by jignesh narayan parmar on Nov 05, 2015 08:31 PM
DONT BUY THE COIN -- NO BODY CARES IF U DONT -- The indian govt is more intelligent THAN U to put Mathamas picture on every currency note and also the gold coin ..

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sree kumar
I am amazed!
by sree kumar on Nov 05, 2015 04:31 PM  | Hide replies

Bureaucrats who have no understanding of the people make fool of their political masters. Who can expect an Indian lady to part with her gold (that too to melt it) to earn a small interest of 2.5%! I am really baffled that political leaders who ought to be knowing the pulses of people went by the proposals of these bureaucrats!

And on top you are inviting trouble from IT.

Most of the gold jewelleries held by Indian families are traditional jewelleries passed from generation to generation. Those jewelleries are not of BIS standards and have purity level of even less than 80%. But those can still give a sense of satisfaction to an Indian lady.

If Govt wants to bring out the gold jewellery from lockers to bank, they will need to offer an attractive interest of atleast 12% per annum.


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Prasad Kulkarni
Re: I am amazed!
by Prasad Kulkarni on Nov 05, 2015 06:33 PM
Thats the whole intention! For people to declare their wealth.
Why do you think people were made to open a bank account? Large cash transactions are 'not permissible' under new IT laws.

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imran khan
Re: Re: I am amazed!
by imran khan on Nov 05, 2015 10:21 PM
Another damp squib after jan dhan yojana failure.
First transfer 15 lacs to my bank account and then ask me to buy gold bonds.

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gaurav maheshwari
Re: I am amazed!
by gaurav maheshwari on Nov 06, 2015 03:15 PM
I think some more clarity is needed on this regard.
The policy says, let say u buy gold bond today with market value of Rs.100. if next year let say its value become Rs.110 than you will gain Rs.10 2.5% of bond value.
Details are awaited

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gaurav maheshwari
Re: I am amazed!
by gaurav maheshwari on Nov 06, 2015 03:15 PM
I think some more clarity is needed on this regard.
The policy says, let say u buy gold bond today with market value of Rs.100. if next year let say its value become Rs.110 than you will gain Rs.10 2.5% of bond value.
Details are awaited

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No Trust Plan
by on Nov 05, 2015 02:02 PM

Whom to believe, People of India Vote these gentle men to make rules & Plans that are meant only for Common man, No one believe in such plans. Tomorrow some other babu comes and make a rule saying all the the gold is govts property(ie. Politicians Luxury expenses)The Motive behind this plan is pinning peoples eye with their own finger.

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arungopal agarwal
Income Tax Deptt
by arungopal agarwal on Nov 05, 2015 01:37 PM  | Hide replies

Limit of Rs.50000 for giving PAN No. is to be increased to Rs.5 lacs and for cash transactions from Rs.20000 to Rs.2 lacs if Govt. wants growth and trust of the people, already 10 times price rise has taken place in last 20-25 years.

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Re: Income Tax Deptt
by on Nov 05, 2015 03:09 PM
Basic flaw in certain of Govt Institutions and Govt Services are flood gates for corapt and coraption and also make people frstated and disjusted. For instance feild jobs are done at desk level and desk people. KYC for bank accounts, buying mutual funds, buying gold etc. transactions and tasks are field jobs and these KYC shall be done away with and Bank shall creat KYC by itself, that is Open the account with out KYC, do the field job and either confirm or reject the account opened in a 15 days time. Thus once a KYC is generated that certification can be duely shared by the Banker so that it becomes a permanent KYC and can be used where ever it is required. If some one has bank at its discretion accept them as KYC but field job shall be mandatory and issuance of KYC certification by that Banker is mandatory and can be used in all transactions where ever KYC is needed. Banks can creat AAdhar, PAN etc by themselves in these days of technology with coordination with depts after their field job is done. At feild also GPS, GPS coordinates, photos etc can be taken and put in data base as physical and Documentary proof and thus avoid manipulations. Tech based checks can be done simply by clustering door numbers that is if on one door number say there are more than three accounts (in data base) are opened a recheck can be done physically at the location.

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Re: Re: Income Tax Deptt
by on Nov 05, 2015 03:21 PM
In Singapore Industry can be started in one and a half day. In India as on date in 29 days this can be done. So why all the mustrusting of its common people who need a ration card, voter card, Bank account, now AAdhar card or credit car so on and so forth? Why cn't the agency involved do its due deligence on ground in the field and give it to the persons who approach them for these. Ok if some one comes with documents, and if satisfied give them these govt docs like voter or aadhar card or do due diligence and field check and give them out with out asking for any docs if the person does not have documentation. If driving lecense is to be given if that person has documents fine other wise do the field check, due diligence and give license. Driving license is about driving and nat address or Identity primarily. To saisfy, fied check and due deligence can be done and technology can be used for making field check foolproof (GIS etc, digital photoes etc). This applies to many as ,mentioned ration cards, voter cards, Aadhar etc. If census can be done at every door step why not this? Common people are definitely as trust worthy as industrialists if nat more. OK.

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jignesh narayan parmar
Re: Re: Re: Income Tax Deptt
by jignesh narayan parmar on Nov 05, 2015 08:52 PM
U r wrong the common man of india is not trustworthy -- He is the one who does politics in his office - discriminates others on caste basis - and is also a thief -- who is out of jail .India has 3 crore court cases pending -- every case involves -- the lawyer/ judge / the accused / the witness / police / constable / etc etc .. that more than 10 persons are involved in a single court case -- multiplying the number to 3 crore 30 crore people in india approx. i.e 25 % population of the country is busy fighting with each other when everybody knows who is the culprit ..

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