Hindustan Times ( 29 March 2016 ) reports :
: There was a recent meeting between Economic Affairs
Secretary, Shaktikant Das and representatives from the Reserve Bank of India,
temple trusts and other bodies to discuss ways to make the Gold Monetization
Scheme , more attractive :
# What are the Advantages
of this Scheme to the Economy ?
* Reduce demand
for gold in physical form to reduce our Import Bill
Imports of
some 1000 tons of gold accounts for nearly 25 % of our Import Bill
* Bringing out
approx 20,000 tons of idle ( locked up ) gold lying with households , into
the banking
system ( approx Rs 57,00,00 Crores worth )
* Banks will be
allowed to sell , gold deposited with them , to jewelers , thereby
reducing
imports
# Advantages to
gold depositors :
* Benefit from
price increase at the time of maturity
* Earn interest
on the value of deposited gold
# Negative Point
:
* Gold
depositors have to make full disclosures on the source of gold !
# Public
Reaction
:
* In the past
ONE year, only 3 tons of gold ( jewellery ) got deposited
# Why ? :
* One official
reportedly said at the meeting :
" I am not even able to convince my wife to part
with her jewellery, which she hardly uses
The main stumbling block was the emotional value
attached to the jewellery , which had often been passed on by generations
"
# Is there a way
out ?
YES - as follows :
* Calculate
current value of gold being deposited ( say , Rs 50 lakhs )
* After 10 years
, return to depositor , Rs 50 lakh + simple interest at 10 %
( to take care of price increase but no guess work ! )
( to take care of price increase but no guess work ! )
* Also credit Rs 50
lakhs to depositor's Income Tax account as " Advance
Tax
" paid
* From
depositor's Annual Tax Return , keep offsetting this amount over 10 years,
thereby reducing his tax liability ( Rs 5 lakh
per year , in this case )
Now, if the depositor is in 20 % tax rate
slab, this would mean saving of Rs 1 lakh/year !
* Most Important
: No need to disclose " Source of Gold
" being deposited . No
questions !
Now , with this modification , the concerned official
can convince his wife by telling her :
" Go ahead
and buy every year , new - and latest trend - jewellry equivalent to the tax
amount that the Scheme has saved for me
And , buy dresses and purses to match that jewellery
when we go on holidays abroad "
With this , I believe , at least 1,000 tons of gold can
be garnered in next 12 months
-----------------------------------------------------------------------------------------
www.hemenparekh.in / blogs
29 March 2016
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Make
Yourself Heard
Dear Visitor :
It is time for YOU to speak up - and demand that YOU
are heard
By emailing this suggestion - incorporating your OWN
improvements - to the following Policy Makers
( Just multiple
copy all the following Email IDs into the Recipient column of your Outlook and
Copy / paste this suggestion in the Message Box ) :
narendramodi1234@gmail.com;
38ashokroad@gmail.com;ajaitley@del5.vsnl.net.in;
jayant.sinha19@sansad.nic.in;piyush.goyal@gov.in;nitin.gadkari@nic.in; spprabhu1@rediffmail.com;bandaru@sansad.nic.in;smritizirani@nic.in;nsitharaman@nic.in;
ravis@sansad.nic.in;sureshprabhu@irctc.co.in;prakash.j@sansad.nic.in;secy-ipp@nic.in;
amitabh.kant@nic.in; shaktikanta.das@nic.in; rsecy@nic.in; adhia1981@gmail.com;
ceo-niti@nic.in; atul-chaturvedi@nic.in; uma.bharati@sansad.nic.in;
d.pradhan@sansad.nic.in; rprudy.office@gmail.com; rudypr@rediffmail.com;
eam@mea.gov.in; mosvks@mea.gov.in; mvnaidu@sansad.nic.in; mnaqvi@sansad.nic.in;
rao.inderjit@sansad.nic.in; mljoffice@gov.in; sadananda.gowda@sansad.nic.in;
ministerminority@gov.in; najmah@sansad.nic.in; minister-ca@nic.in;
ramvilas.paswan@sansad.nic.in; gandhim@sansad.nic.in;
akumar-alpha@sansad.nic.in; jpnadda@sansad.nic.in; hm.moca@nic.in;
geete@sansad.nic.in; simratbadal@yahoo.com; ns.tomar@nic.in;
rmsingh@sansad.nic.in; tc.gehlot@sansad.nic.in;
dr.harshvardhan@sansad.nic.in
No comments:
Post a Comment