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To: goldsnow who wrote (29207)	2/28/1999 11:28:00 PM
From: Alex	Read Replies (5) \| Respond to of 116857

2/28/99 - INDIA LAUNCHES SCHEME TO MOBILISE GOLD FROM HOUSEHOLDS <Picture> NEW DELHI, Mar 01, 1999 (Asia Pulse via COMTEX) -- The government announced a gold deposit scheme to mobilise idle gold from households and various charitable and religious institutions in India. Presenting the 1999-2000 budget in the Lower House of Parliament, the federal finance minister Yashwant Sinha said under the scheme, select banks will be permitted to accept gold deposits and issue interest bearing certificates or bonds which on maturity can be reclaimed in gold. This scheme would free depositors from the problem of storage, movement and security for the gold in their possession and also provide them a regular source of income, Sinha said. The country would benefit by recycling the idle gold which would reduce dependence on imported gold, he said. To encourage this process, Sinha announced exemption of income tax on interest on the gold deposit bonds and exemption of wealth tax on the value of assets deposited. Also capital gains made on these bonds through trading or at redemption will be exempt from capital gains tax, he said adding that the scheme which is to be implemented by the Reserve Bank will not enjoy amnesty. (PTI) -0- (C) 1999 Asia Pulse Pte Ltd