GOVERNMENT OF INDIA

MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
RAJYA SABHA

UNSTARRED QUESTION No.29

TO BE ANSWERED ON: Tuesday, December 11, 2018/Agrahayana 20, 1940 (Saka)

COLLECTION OF GOLD UNDER GOLD MONETISATION SCHEME

QUESTION

29. SHRI MD. NADIMUL HAQUE

Will the Minister of FINANCE be pleased to state:

(a) the details of the gold collected from the individuals under the Gold Montetisation Scheme
during the last two years;

(b) the details of the gold collected from religious and other entities under the Gold Monetisation
Scheme during the last two years;

(c) the extent to which the said Scheme has led to curbing of gold imports and benefited the
jewellery industry; and

(d) the extent to which the said Scheme has led to an increase in recycled gold ?

ANSWER

THE MINISTER OF STATE IN THE MINISTRY OF FINANCE

(SHRI P. Radhakrishnan)

(a) During the last two years i.e. in FY 2016-17 and FY 2017-18, approximately 1134
kilograms of gold has been collected from the individuals/HUFs under the Gold
Monetisation Scheme:

Quantity of Gold deposited by Individuals/HUFs

Year (in grams)
FY 2016-17 6,05,539.06
FY 2017-18 5,28,899.54
Total 11,34,438.60
(b) During the last two years i.e. in FY 2016-17 and FY 2017-18, approximately 10,872
kilograms of gold has been collected from temples/trusts, Mutual Funds/Gold ETFs and
other entities i.e. companies/firms etc. under the Gold Monetisation Scheme.

Quantity of Gold deposited by religious & other entities

Year (in grams)
FY 2016-17 44,88,446.33
FY 2017-18 63,83,147.22
Total 1,08,71,593.55

(c) It has benefited Jewellery industry. The Gold collected under GMS is being used to lend
gold as Gold Metal Loan. It may be observed that there has not been significant increase in
gold imports during the last four years, as under:

Quantity imported Import Value

Period in M.T. in Billion USD
2014-15 915.47 34.41
2015-16 968.06 31.77
2016-17 780.15 27.52
2017-18 955.33 33.66

(d) Idle gold held by households, trusts and various institutions in India is deposited under this
scheme. Therefore, this scheme has increased recycled gold to the extent of gold
collected under GMS.

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