The All-India Gem and Jewellery Domestic Council (GJC), an apex body of the domestic gems and jewellery industry, has urged the Centre to redesign the Gold Monetisation Scheme (GMS).

The government in 2015 had released GMS to mobilise the gold held through households and institutions. The scheme lets in bank clients to deposit their idle gold holdings for a hard and fast duration in return for an interest within the range of 2.25-2.Five in keeping with cent.

According to Shankar Sen, Vice-Chairman, GJC, underneath the revamped scheme, jewellers across the united states of america ought to be allowed to function as “bank agents” and accumulate gold from clients. The jeweller, post due assaying, can then difficulty a certificate on behalf of the financial institution.

As the scheme stands now, a client has to offer gold to a hallmarking centre, which fits as a collection and assaying centre. The gold is then forwarded to a refinery, which then sends them to banks within the form of bars. Based at the hallmarking centre’s receipts, the bank opens the purchaser’s gold deposit account.

It is to be cited that since the release of the scheme most effective round 15 tonnes of gold had been mobilised.

“There are five lakh jewellers across the country. If we can have interaction these jewellers and cause them to paintings as collection marketers for banks, then we can mobilise greater gold from customers,” Sen said on Monday.

GJC lately met key offcials inside the Union Finance Ministry and submitted an in depth road map for a remodeled GMS.

Sen become speakme to newspersons at the sidelines of a characteristic to announce GJC’s flagship occasion ‘Manthan 2019’ which is to be hung on July 2-3 in Mumbai.

The made over scheme could aim to lessen dependence on imports and harness part of the 25,000 tonnes of gold held by means of citizens, he stated .

Reduce import responsibility
GJC also proposed bringing down import duty on gold to 4 in line with cent from the existing 10 in keeping with cent in order cut down smuggling of the yellow steel.

“Lowering the obligation structure will not simplest enhance customer demand and uplift commercial enterprise sentiments for the alternate, however additionally help industry become greater organised and compliant,” he said.