Recycle Your Scrap Gold And Get Paid For It
November 23, 2015 2 Comments
Being something of a gold-bugĀ and an investor with a preference for tangible assets, I don’t much care for the line of thought that sees gold as a dead asset. Moreover, no matter however deeply unfashionable, I believe that by “worshipping” gold as we Indians do, we actually help keep our politicians “honest”. Gold has a way of exposing the economic lies and false promises of the powers that be.
However, should you have scrap gold with you-broken artefacts,worn out jewellery that simply can’t be repaired any longer,9Kt gold,14Kt gold- the new gold deposit scheme is a god send.
Normally, you’d have to pay to have the gold melted down and made pure but as per the provisions of the Gold Monetisation Scheme, the banks would pick up this tab. And they have to pay you a small interest for the period you choose to entrust the gold to them.
So go ahead and approach the banks with your scrap gold. A short while later, you should be able to withdraw your gold as 995 gold bullion.
According to a joint report by Ficci and the World Gold Council, an Indian household spends 8% of its daily consumption on gold jewellery and coins, only marginally behind medical expenses and education.
wealthymatters 