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. 👇👇👇

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 🔥🚀💰

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Having made over 1000 boxes for vulnerable families in Cambridge via @RedHenCambridge (thanks to our customers 🙏🏽) My thoughts on the £30 box thing. Lots of factors at play here. 1/

If the pics in this @BootstrapCook thread are true and correct then the Govt/taxpayers & families in need are getting absolutely SHAFTED 👇🏽 2/


There are some mitigating circumstances. A £30 box won’t ever contain £30 (retail) worth of food - people aren’t factoring in
-the cost of the box
-paying someone to fill it
-rent & rates
-& most expensive the *transport/distribution*

3/

If you’re doing the above at scale. Delivering *across the UK* it’s not cheap BUT IMHO there should be at LEAST £20 worth of groceries in a £30 box. To get more value they need more fresh produce. Just carrots & apples is terrible. 4/

I’m gonna put my rep on the line here & say something about these big national catering companies whose names I’ve seen mentioned. They are an ASSHOLE to deal with & completely shaft small businesses like mine with their terms which is why I won’t deal with them. 5/
I'm lucky to attain financial freedom before 30.

I credit Fintwit for my learnings.

Here's 10 key concepts every investor must know:

1. $$ needed to retire
2. Researching a business
3. Reading annual reports
4. Reading earnings calls
5. Criteria of a multi bagger

(Read on...)

6. Holding a multi bagger
7. Economic moats
8. When to buy a stock
9. Earnings vs cashflow
10. Traits of quality companies

Here's my 10 favourite threads on these concepts:

1. How much $$ do you need to retire

Before you start, you must know the end game.

To meet your retirement goals...

How much $$ do you need in your portfolio?

10-K Diver does a good job explaining what's a safe withdrawl rate.

Hint: It's NOT


2. Research a business

Your investment returns are a lagging indicator.

Instead, your research skills are the leading predictor of your results.

Conclusion?

To be a good investor, you must be a great business researcher.

Start with


3. Reading annual reports

This is the bread and butter of a good business analyst.

You cannot just listen to opinions from others.

You must learn to deep dive a business and make your own judgments.

Start with the 10k.

Ming Zhao explains it
Ivor Cummins has been wrong (or lying) almost entirely throughout this pandemic and got paid handsomly for it.

He has been wrong (or lying) so often that it will be nearly impossible for me to track every grift, lie, deceit, manipulation he has pulled. I will use...


... other sources who have been trying to shine on light on this grifter (as I have tried to do, time and again:


Example #1: "Still not seeing Sweden signal versus Denmark really"... There it was (Images attached).
19 to 80 is an over 300% difference.

Tweet: https://t.co/36FnYnsRT9


Example #2 - "Yes, I'm comparing the Noridcs / No, you cannot compare the Nordics."

I wonder why...

Tweets: https://t.co/XLfoX4rpck / https://t.co/vjE1ctLU5x


Example #3 - "I'm only looking at what makes the data fit in my favour" a.k.a moving the goalposts.

Tweets: https://t.co/vcDpTu3qyj / https://t.co/CA3N6hC2Lq

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