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Gold schemes unveiled for deposits and sovereign bonds

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source: zeenews.india.com

Arun-Jaitley-June-19

By NewsGram Staff Writer

New Delhi: In a bid to tap the vast amount of idle gold with people and put it to productive use, two schemes were on Wednesday unveiled by the Indian government — one on physical deposit of the metal against its rupee value on paper and the other for issuing sovereign bonds.

To put the vast amount of idle gold with people to productive use, the Indian Government unveiled two schemes on Wednesday, which deals with the physical deposit of the metal against its monetary value on paper, and the issuing of sovereign bonds.

The schemes encourage people to either park their idle gold assets at designated agencies or buy government-guaranteed gold bonds, both of which come with an interest component. The deposit scheme will also have a loan scheme for jewellers.

“The long-term objective which is sought through this arrangement (gold deposit scheme) is to reduce the country’s reliance on the import of gold to meet domestic demand,” Finance Minister Arun Jaitley told reporters after a meeting here of the union cabinet under Prime Minister Narendra Modi.

“The (sovereign gold bond) scheme will help in reducing the demand for physical gold by shifting a part of the estimated 300 tonnes of physical bars and coins purchased every year for investment into gold bonds,” Jaitley added.
Under the bond scheme, up to 500 grams worth of bonds per annum can be bought by an individual with a lock-in of five-to-seven years, bearing appropriate interest to protect from volatility. The other scheme calls for people to deposit their gold with authorised agencies for an interest.

According to the World Gold Council, an estimated 2.2-crore to 2.3-crore kilograms of gold is lying idle with households and institutions in India. The annual imports amount to around 8.5 lakh to 10 lakh kilograms valued at around Rs 230 crores to 300 crores.

source: retailjewellerindia.com
source: retailjewellerindia.com

“The Gold monetisation scheme will benefit the Indian gems and jewellery sector which is a major contributor to India’s exports. In 2014-15, gems and jewellery constituted 12 percent of India’s total exports and the value of gold items alone was more than Rs 86,358 crores,” an official note said.

“The risk of the gold price changes will be borne by the Gold Reserve Fund that is being created. The benefit to the government is in terms of the reduction in the cost of borrowing, which will be transferred to the Gold Reserve Fund,” the note added.

According to this scheme, any person with a minimum of 30 grams of gold, in the form of bullion or jewellery, can go to any of the 331 designated centres to test his gold and deposit it. A certificate will be issued, with which, an interest bearing account akin to a fixed deposit scheme can be opened.

With the certificate, redemption can be done in cash or gold—but not in the originally deposited jewellery form– in case of short-term deposit, and only in cash for medium and long term deposits.

The gold so collected will be sent to refiners. A parallel gold loan scheme will operate, wherein a jeweller can get the metal on loan for a short period. The gold can also be used for auctions, issuing coins, and to shore up the central bank’s gold reserves. Tax exemption will come with it.

The sovereign gold bond scheme will be denominated in grams of gold and payable in rupees. A cap on bonds has been fixed at 500 grams per person per annum. The bonds will be in a dematerialised or paper form in quantities of 5, 10, 50, 100 grams and redemption will be made in rupee alone.

These bonds will be sold by post offices, banks, non-banking firms, upon commission.

(With inputs from IANS)

 

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Ways to Make Bedtime Stories More Engaging

Ways to make your bedtime stories magical

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Bedtime Stories
According to psychologists, while bedtime stories help forming a very good bond between kids and their parents, it also benefits the child in numerous ways. Pixabay

BY PUJA GUPTA

Bedtime stories for toddlers are no less of a golden opportunity to build and nurture your relationship with your child. This becomes further crucial for working parents who do not get the entire day to spend with their kids.

According to psychologists, while bedtime stories help forming a very good bond between kids and their parents, it also benefits the child in numerous ways like enhanced imagination and creative thinking, wider scope of knowledge, fun learning, better communication and problem-solving skills.

However, many parents, especially the new ones, struggle to understand as to how to fabricate bedtime stories more engaging, fruitful and magical for their young ones. Author Apurva Bhuta suggests five ways you can use to reap better results:

Interact with your kids: When you are away from your kid the entire day, the first thing you should do during their bedtime is interact with him/her. As a parent, you should make it a habit to discuss with them about how their school and overall day was, what new things they learned today etc. Basically, build a process where they are heard. This will help you understand your child better. It also will assist them to open up to you. Ask them what kind of stories they would want to hear and then narrate the ones they like..

Bedtime Stories
If you really want your child to enjoy bedtime stories, you must get into the characters of the story. Pixabay

Get into the characters: If you really want your child to enjoy bedtime stories, you must get into the characters of the story. Merely reading makes the activity of storytelling monotonous and boring. If you take the efforts of getting into the characters, your child will take more interest in listening and paying attention, as a result they will start to enjoy your narrations, enabling them to have a vivid imagination.

Become their friend: If you want to build a healthy relationship with your kid, it is important to gel with them. Transform yourself and become a kid like them. Act like a friend they could relate with so that they can actually enjoy the story before falling asleep.

Talk post narration: Your bedtime story should not end as the story ends in the story book. The real benefit of bed stories could be reaped only if you hold a discussion with them about the story. Talk to them about the story, what they learnt out of it. The purpose of the bedtime story is to inculcate good values in your kids such as honestly, humbleness, kindness. The best way to do so is to teach them the difference between right and wrong in a story format.

Also Read- Males Have Higher Risk of Suffering from Cancer: Study

Put emphasis on education: Lastly, teach them the importance of education. Through the examples in the stories, show them how important it is to acquire knowledge and to educate oneself through the habit of reading. You must highlight the traits of an intellectual who is wise enough to face any situation which life has to throw forth. (IANS)