PM Modi's gold deposit scheme attracts only 400 grams so far

[skyisthelimit]

It's a LIE, not sure what is the source of OP.

Govt gets Rs 246 crore from gold bonds,tweaks monetisation scheme - The Times of India

Its a Scheme launched last month, It will take some time for people to get into act.

People mocked Jan Dhan Scheme too, today 70% accounts are active with regular transactions.

 

[rubyjackass]

How is this scheme equivalent of loosing money? The only reason i will not go for it as a person would be

a) I am still not much aware of how it works
b) I don't wanna loose my gold ornaments which are meant for passing on to next generations.

Anyways i believe this scheme is actually looking at all those trusts(temples) that are sitting on piles of gold...It is similar to another scheme of govt. i.e. NPS similr to 401K of US....apart from govt. employees who are forced to join this scheme not many takers for NPS

At a personal level, putting the gold in bank is as good as putting it in lockers. It is too much of a pain to include the pittance of interest they pay into your income tax returns.

At a macro level, I think having huge gold stash of people in banks will encourage governments to be irresponsible. The governments will borrow with this as collateral. Which means they can take more fiscal deficit without any effort to address trade deficit or revenue deficit. And whenever gold price drops we will be in for a problem.

Your gold risked for a government which could anyday squander money on some loan waiver or money distribution scheme. People say the gold stash can improve credit rating! But I don't think it will given that any stash building initiative scheme of government won't attract such huge volumes.

 

[somebozo]

Gold is a net negative investment and many people have quit keeping assests in gold..Modi is an idiot to think gold is still the de-factor reserve of the world...

 

[madooxno9]

Government's gold bond scheme a hit, gets 63,000 applications for gold worth 246 crore

Government's gold bond scheme a hit, gets 63,000 applications for gold worth 246 crore - The Economic Times

 

[Bombermanx1]

Gold is a net negative investment and many people have quit keeping assests in gold..Modi is an idiot to think gold is still the de-factor reserve of the world...

Gold is still the de-facto reserve of the world.West has sold all its gold only east has gold reserves now,West has only gold on paper not physical gold in its vaults which it has loaned or sold already to India,China,Russia and Far East.