{"id":6937,"date":"2024-01-31T05:39:42","date_gmt":"2024-01-31T05:39:42","guid":{"rendered":"https:\/\/jewellerynewsindia.com\/?p=6937"},"modified":"2024-01-31T05:40:26","modified_gmt":"2024-01-31T05:40:26","slug":"three-step-suggestions-to-make-gms-successful","status":"publish","type":"post","link":"https:\/\/jewellerynewsindia.com\/index.php\/2024\/01\/31\/three-step-suggestions-to-make-gms-successful\/","title":{"rendered":"Three step suggestions to make GMS successful"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full is-resized has-custom-border\"><img fetchpriority=\"high\" decoding=\"async\" width=\"600\" height=\"400\" src=\"https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2024\/01\/1-9.jpg\" alt=\"\" class=\"wp-image-6939\" style=\"border-width:3px;border-radius:5px;width:561px;height:auto\" srcset=\"https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2024\/01\/1-9.jpg 600w, https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2024\/01\/1-9-300x200.jpg 300w, https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2024\/01\/1-9-200x133.jpg 200w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p>The <a href=\"https:\/\/dea.gov.in\/gms2015\" target=\"_blank\" rel=\"noreferrer noopener\">Gold Monetization Scheme (GMS)<\/a> was introduced by the Honourable Prime Minster in 2015 to turn gold holdings into an earning asset by allowing residents to deposit physical gold-bars, coins or jewellery-into a Gold Savings Account. \u2013 The idea being to mobilize domestic gold to be channelized for productive use in the system.<\/p>\n\n\n\n<p>However, the total deposits accumulated by the banks under the <a href=\"https:\/\/dea.gov.in\/gms2015\" target=\"_blank\" rel=\"noreferrer noopener\">GMS<\/a> are 11.1 tonnes, which is a meagre number as compared to the estimated holdings of 23,000-24000 tonnes. Also, making the <a href=\"https:\/\/dea.gov.in\/gms2015\" target=\"_blank\" rel=\"noreferrer noopener\">GMS<\/a> more effective is important to address the widening current account deficit (CAD) issue.<\/p>\n\n\n\n<p>In such a scenario, it becomes imperative to understand the reason for the non-participation in the <a href=\"https:\/\/dea.gov.in\/gms2015\" target=\"_blank\" rel=\"noreferrer noopener\">GMS<\/a>. <a href=\"https:\/\/www.gjc.org.in\/\" target=\"_blank\" rel=\"noreferrer noopener\">GJC<\/a>, being a responsible trade body would like to emphasize upon the point that Government must clearly give exemptions to households for minimum 500 grams of gold deposited, being of ancestral nature, from questioning by any tax department.<\/p>\n\n\n\n<p>The same will make <a href=\"https:\/\/dea.gov.in\/gms2015\" target=\"_blank\" rel=\"noreferrer noopener\">GMS<\/a> more effective and benefit the government and participants at large. There are many other suggestions to make <a href=\"https:\/\/dea.gov.in\/gms2015\" target=\"_blank\" rel=\"noreferrer noopener\">GMS<\/a> successful at the ground level like, 1. Allow flexibility of <a href=\"https:\/\/dea.gov.in\/gms2015\" target=\"_blank\" rel=\"noreferrer noopener\">GMS<\/a> tenure for Banks, 2. Allow banks to give Gold Loans from the Long Term deposits mobilized under <a href=\"https:\/\/dea.gov.in\/gms2015\" target=\"_blank\" rel=\"noreferrer noopener\">GMS<\/a> by them since Interest given to customers under Short Term Loan is very less. 3. Reduce physical movement of gold before issuing Deposit receipts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Gold Monetization Scheme (GMS) was introduced by the Honourable Prime Minster in 2015 to turn gold holdings into an earning asset by allowing residents to deposit physical gold-bars, coins or jewellery-into a Gold Savings Account. \u2013 The idea being to mobilize domestic gold to be channelized for productive use in the system. However, the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Three step suggestions to make GMS successful - JNI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jewellerynewsindia.com\/index.php\/2024\/01\/31\/three-step-suggestions-to-make-gms-successful\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Three step suggestions to make GMS successful - JNI\" \/>\n<meta property=\"og:description\" content=\"The Gold Monetization Scheme (GMS) was introduced by the Honourable Prime Minster in 2015 to turn gold holdings into an earning asset by allowing residents to deposit physical gold-bars, coins or jewellery-into a Gold Savings Account. \u2013 The idea being to mobilize domestic gold to be channelized for productive use in the system. 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href=\"https:\/\/jewellerynewsindia.com\/index.php\/uncategorized\/\" rel=\"category tag\">Uncategorized<\/a>","rttpg_excerpt":"The Gold Monetization Scheme (GMS) was introduced by the Honourable Prime Minster in 2015 to turn gold holdings into an earning asset by allowing residents to deposit physical gold-bars, coins or jewellery-into a Gold Savings Account. \u2013 The idea being to mobilize domestic gold to be channelized for productive use in the system. 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