Central ministry gives its nod to gold investment scheme
Posted on: 09/Sep/2015 4:04:16 PM
The central ministry has given its nod for gold schemes in which gold can be invests in banks and obtain interest out of it. It is said that there is about 20 tonnes of gold in the households of Indians. As these are mostly locked within households, people do not obtain any income out of it like that of money.
As a move to break this system and bring forth a new scheme that will benefit the public, banks as well as investors, two new schemes were proposed during the budget this year. One of these is to make money out of gold. Under this scheme, investors can open a separate account for their gold jewelries and save their gold in it. For the volume of gold saved this way, an interest will be paid to the investor. This scheme is also applicable for those who are into jewelry business.
