Do you keep your gold assets in bank locker? You are probably paying some fees every year for your lockers.

Instead, what if you could get a locker for free?

What if I said banks would pay you to keep your gold assets safe?

Time for a thread. ๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡

1/ The major issue with having gold in bank lockers is

- You pay hefty fees on an annual basis to the bank.
- The lockers aren't insured
- There's no real safety/security in case of theft or an unfortunate event.

Is there a work around?

Yes.

Enter "Gold Monetisation Scheme".
2/ GOI introduced the Gold Monetisation Scheme in 2015. The main objective was to cut down India's gold imports.

How it works:

You deposit your gold in bank.
They keep it safe for a fixed number of years.
You get it back as physical gold or cash on maturity.
3/ What should you do to be eligible?

You should take the gold you want to deposit to a Collection and Purity Testing Centre (CPTC). GOI has established over 300 CPTC's across India.

They will take your gold, evaluate its purity, and provide a receipt for the gold quantity.
4/ You take the receipt to your bank.

Create a gold monetisation scheme account in your bank.

Give them the receipt provided by PTC.

Your bank will then convert that receipt to a scheme certificate as part of your GMS account.
5/ The interest rates are as follows:

5-7 years - 2.25% per annum
12-15 years - 2.5% per annum

Tax Benefits:

No capital gains tax on the profits made through this scheme.

Capital gains are also exempt from wealth tax and income tax.
6/ What all can you deposit?

You can deposit Gold bars, coins, even old jewellery.

What can you not deposit?

You can't deposit Gold jewellery encrusted with gemstones.
7/ What's the catch?

You won't get your gold back in its original form.

Upon maturity, you'll get fresh gold coin/bars or cash.

Once you deposit your jewellery/bar/coin, banks send them to Mineral Trading Corporation for minting gold coins, or sell it to jewellers.
8/ Short term deposits do not calculate interest in the form of cash. They give you interest in gold in grams.

Ex: If the interest is 0.5% per annum, you get 1 gram on 200 grams deposited, at the end of the year.
9/ Medium and long term deposits calculate interest in Rupees, based on the Gold value whenever you deposited.

If you deposited 200g at a value of 600k, and the interest rate is 2.5%, you'll get 15000 rupees as interest in a year.

This is of course tax exempt.
10/ 2.25-2.5% interest rate on Gold is on par with the SGB scheme provided by the RBI.

Also, the option to encash the gold on maturity is also attractive in case you want cash instead of physical gold once the scheme matures.
11/ Is there a cap on how much you can deposit? Yes and No.

Minimum deposit : 30 grams
Maximum deposit : Unlimited.
12/ Details of GMS in few bank websites:

SBI : https://t.co/uDmrJOM07K

ICICI : https://t.co/niB8oodCmu

HDFC : https://t.co/B67Re4iJkg

Contact your bank for more details on this.

More from Shravan Venkataraman ๐Ÿ”ฅ๐Ÿš€๐Ÿ’ฐ

In today's round up, I have some amazing threads, resources, and plenty of solid advice for business, finance, career from twitter.

Here's the roundup of 17 of the best and the most useful threads, tweets, and resources I found last week. ๐Ÿงต

1/ How to find spreadsheets on any topic in the


2/ A thread by @wes_kao on making your customers hungry and excited to buy from


3/ Life brings you a lot of afflictions. But if you look around, there's a lot of beauty around you. Most often, drowning in the afflictions, we can't recognise or appreciate the beauty.

@wdmorrisjr wrote a damn good thread on finding beauty around us.


4/ This one is for all the job goers and job seekers.

@SahilBloom who recently hit 500k followers and has several accomplishments to his belt (career wise) wrote this thread on standing out in a hiring
Hedge Funds spend millions of dollars per year to access high quality financial datasets.

Retail sources cost anywhere from $5k-50k per year.

But, here are 11 data sources that have HIGH QUALITY and FREE data you can access right away.

๐Ÿงต ๐Ÿ‘‡

1/ Alpha Vantage |
https://t.co/ExlS7Jdnsz

Provides real time & historical equities, forex, and cryptocurrencies data across 60+ exchanges.

They provide both intraday and D/W/M timeframe data.

You can also access economic & fundamental data for last 20 years through them.

2/ IEX | https://t.co/drqeoU8Ee1

Investors Exchange provides historical data going back upto 15 years for US equities through API access.

You'll need an API key in order to access the API.

3/ EconDB | https://t.co/6mZxDeaJfh

This website provides economic data and economic indicators for almost all the countries in the world.

You can search for your preferred dataset through their search engine here

4/ Quandl | https://t.co/fW4PEQaW66

Quandl has financial and alternate data across 50+ exchanges, from over 300 sources.

They also have information on capital markets, energy, shipping, healthcare, education, demography, economics and society.

More from Finance

THREAD: Who are the rising stars of Chinese elite politics in the central Party-State bureaucracy?

For @MacroPoloChina I analyzed last year's ministerial-level promotions to posts in Beijing

TLDR: Ties to Xi Jinpingโ€”or a Xi allyโ€”are very helpful! (1/14)

https://t.co/kO2A0Efyq2


Seven politicians were promoted to ministerial-level positions in central Party agencies last year

All are likely to feature on the next Central Committee selected at the 2022 Party Congress

Some could make the CCP's elite 25-person Politburo (2/14)

https://t.co/kO2A0Efyq2


Likeliest for the Politburo is Meng Xiangfeng, new Executive Deputy Director of the CCP General Office

He would replace Xi ally Ding Xuexiang as CCP chief-of-staff if Ding is promoted further in 2022

Meng worked under Xi allies Cai Qi in Hangzhou and Chen Xi in Liaoning (3/14)


Less likely for the Politburo but still important is Jiang Jinquan, new Director of the CCP Policy Research Office

He replaces 5th-ranked leader Wang Huning who led the Party's brains trust for 18 years

Wang remains prominent and will be <68 in 2022, so he'll stay around (4/14)


Other notable central Party promotions include Li Shulei and Liang Yanshun, who both assisted Xi when he led the Central Party School from 2007-2012

Li is a political conservative who is said to be quite close with Xi, even drafting his 2014 speech on culture and art (5/14)

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The UN just voted to condemn Israel 9 times, and the rest of the world 0.

View the resolutions and voting results here:

The resolution titled "The occupied Syrian Golan," which condemns Israel for "repressive measures" against Syrian citizens in the Golan Heights, was adopted by a vote of 151 - 2 - 14.

Israel and the U.S. voted 'No'
https://t.co/HoO7oz0dwr


The resolution titled "Israeli practices affecting the human rights of the Palestinian people..." was adopted by a vote of 153 - 6 - 9.

Australia, Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No' https://t.co/1Ntpi7Vqab


The resolution titled "Israeli settlements in the Occupied Palestinian Territory, including East Jerusalem, and the occupied Syrian Golan" was adopted by a vote of 153 โ€“ 5 โ€“ 10.

Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No'
https://t.co/REumYgyRuF


The resolution titled "Applicability of the Geneva Convention... to the
Occupied Palestinian Territory..." was adopted by a vote of 154 - 5 - 8.

Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No'
https://t.co/xDAeS9K1kW