This refers to the report "Interest on gold deposits may be exempt from tax" (May 20). The central government's gold monetisation scheme, which is being relaunched soon, could just be the answer to bring the whopping gold deposits held by Indians into the market and curb gold imports. The scheme aims to target not just individuals but organisations such as temple trusts, jewellers and banks as well. What is interesting is that the government is likely to exempt the scheme from wealth tax, capital gains tax and income tax.
Gold imports have been a drag on the country's current account deficit and the hefty rise in the import of the yellow metal has been a matter of grave concern. One only hopes that the gold monetisation scheme will prove a game changer.
N J Ravi Chander Bengaluru
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