<h1>Government Proposes Gold Monetization Scheme in Budget 2015-16 to Reduce Imports and Offer Interest on Deposits.</h1> The government has announced the Gold Monetization Scheme in the Union Budget 2015-16 to address India's significant gold consumption and importation. This scheme aims to replace the existing Gold Deposit and Gold Metal Loan Schemes, enabling gold depositors to earn interest and allowing jewelers to secure loans through metal accounts. Banks and dealers can also monetize gold under this initiative. A draft of the scheme has been prepared, and public comments are invited to refine it. The draft is available for review, and the government seeks feedback without any current commitment to implementation.