Monday, 28 March 2016

WAY TO A WIFE's HEART ?


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 ! )

*  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

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www.hemenparekh.in / blogs

29  March  2016

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