Gold Deposit Scheme Useless?

POSTED BY Ram ON February 14, 2013 10:49 pm ONE COMMENT

I just read this article – http://www.moneycontrol.com/news/economy/rbi-tweaks-gold-deposit-scheme-to-make-it-more-attractive_824898.html#toptag.

If government or RBI really wants to “unlock” or “unfreeze” the “common man’s gold reserves”, why does the gold deposit scheme require minimum deposit 500 gms (50 tolas)???

Does anyone remember Sanjay Dutt going “Pachaas Tola! Pachaas Tola!” as a gangster in Vaastav? Doesn’t it tell that only gangsters (and really rich people) will have 50 tolas of gold to spare like this?

If they really want to unlock the gold reserves, shouldn’t they reduce the minimum deposit required to 1 tola or even 0.5 tola? Then why would any common man want to leave it lying around in the bank locker?

Does anyone else think this is stupid or is it just me?

Thanks,

Ram.

One reply on this article “Gold Deposit Scheme Useless?”

  1. Dear Ram, the scheme is indeed intended to un lock gold from HNIs. your obeservations are correct.

    thanks

    Ashal

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