Gold is going Cashless.. Article: Post submitted by Mrs. Suhasini Verma.. Ptaa Hai...!!!

Hi, friends! This article is submitted by our reader Mrs. Suhasini Verma , Under the campaign "My Work Ptaa Hai...!!!"



A decade ago one would have not even imagined to go market or on vacation without cash,  even going out from home without taking physical cash could have lent one in a troublesome situation but today it is possible rather it has become the habit of most of the people because just swipe the card and pay it after many days . 

The cashless system has been adopted by our society so well that probably there would be a time that paper notes would be shown only in museums .

     Taking it to the next level the government is planning to make gold transactions cashless , in order to put the check on black money now, govt is taking suggestions from business houses that how the gold can go cashless. 

As suggested Few basic point are:

• Only up to transactions of Rs 2 lacs would be in cash.
• Import of gold would be done only by banks , this would control smuggling
• Bullion trading would go cashless.

The govt has already launched its Gold schemes:

• Gold Monetization scheme : by depositing Gold would give you regular interest , but it would not be returned in the form you gave.
• Sovereign Gold bonds: Investor gets returns linked to gold price.
• Gold Coins.

The path ahead is tough , challenges ahead:

• Difficult to control the sarafa bazar , its already unhappy about 1% excise duty
• Controlling smuggling and black money 
• Sentiments of Indian household with regular Javeris
• Traditional habit pf purchasing from "Jaan pehchaan ka Sunaar"
• Matter of Trust
• Conservative approach of many people
• Ladies keeping gold as their own assets leads to idle gold
• Illiquid 
• Financial Illiteracy