Media misquoted us on GMS asserts GJC

first_imgNEW DELHI: All India Gem and Jewellery Domestic Council (GJC) Vice-Chairman Shaankar Sen has clarified about misrepresentation of his comment on Gold Monetization Scheme and certain media reports carrying the incorrect versions in the mention of quantum of Gold proposed to be deposited under revised GMS “The Gold Monetisation Scheme (GMS) was introduced by the Prime Minister in 2015 to turn gold holdings into an earning asset by allowing residents to deposit physical gold- bars, coins or jewellery — into a Gold Savings Account — the idea being to mobilize domestic gold to be channelized for productive use in the system,” said Sen. Also Read – Thermal coal import may surpass 200 MT this fiscal” However, the total deposits accumulated by the banks under the GMS are 11.1 tonnes, which is a meagre number as compared to the estimated holdings of 23,000-24000 tonnes,” he added. Also, making the GMS more effective is important to address the widening current account deficit (CAD) issue, Sen explained. “In such a scenario, it becomes imperative to understand the reason for the non-participation in the GMS,” he said. “One of the major reasons is the lack of clarity as regards the minimum quantity of Gold an individual can deposit without any scrutiny or questionability from the Income Tax department,” added Sen. “We urge that Government must give exemptions to a married woman of 500 grams gold & a family of 900 grams gold as accepted in IT Act of gold deposited under GMS.,” said Sen.last_img read more