Gold Monetisation Scheme - GS questions based on daily current affairs

1)   Which of the following statements are correct about Gold Monetisation Scheme?

1. RBI will determine interest rates on gold deposits.
2. The risk of gold price changes will be borne by the Gold Reserve Fund that is being created.

a. Only 1
b. Only 2
c. Both
d. None
Answer  Explanation 

ANSWER: Only 2

Explanation:
- The proposed Gold Monetisation Scheme proposes to offer tax-free interest to individual on depositing the yellow metal with banks.
- RBI has said that banks are free to fix interest rates on these deposits.
- The scheme will help in mobilizing the large amount of gold lying as an idle asset with households, trusts and various institutions in India and will provide a fillip to the gems and jewellery sector.
- Over the course of time this is also expected to reduce the country's dependence on the import of gold.
- The new scheme consists of the revamped GDS and a revamped GML Scheme.
2)   Which of the following statements is/are correct about Gold Monetisation scheme?

1. Gold in any form can be deposited with banks for a period of one to 15 years.
2.Interest earned on it would be exempt from income tax as well as capital gains tax.

a. Only 1
b. Only 2
c. Both
d. None
Answer  Explanation 

ANSWER: Both

Explanation:
Announced in the Budget for 2015-16, Gold Monetisation Scheme allows gold to earn interest and redemption will be at the prevailing market value at the end of the tenure of deposit. Under this individuals and institutions can deposit as low as 30 gm of gold.

Related Content

▲