Person or entity can earn interest by depositing gold with bank, as per new scheme
Q. The government has come out with a draft scheme under which a person or entity can earn interest by depositing the ______ with banks.- Published on 17 May 15a. Gem Stone
b. Platinum
c. Gold
d. Diamond
ANSWER: Gold
As per the draft guidelines released by Finance Ministry, minimum gold deposit is proposed at 30 grams and the interest earned on it would be exempt from income tax as well as capital gains tax. The draft also mentioned that a person or institution holding surplus gold can get it valued from BIS-approved hallmarking centres, open a Gold Savings Account in banks for a minimum period of one year and earn interest in either cash or gold units.
