Game changers in the Budget - The Hindu

Game changers in the Budget - The Hindu

My VIEW:

That the government faces an uphill task in restoring lost credibility in government as an institution comes out loudly in Gurumurthy’s observation that “The idea of gold monetisation also calls for a massive campaign to convince millions of Indians possessing gold to look at gold bonds as equal to gold itself.”
 More transparency in systems to make it clear that gold deposits, after a minimum lock-in period will be allowed to be withdrawn as cash at the prevailing market value of standard gold, an assurance that sovereign gold bonds are backed by gold-holdings and an acceptable reassurance that the Indian made gold coins will contain gold of internationally accepted standard are simple features that should be factored into the gold monetisation scheme to make it successful. Once gold becomes an asset comparable to shares, real estate or bank deposits, the abuse of the metal for ‘show off’ also will come down and ‘black gold’ will come to surface as accounted resources would be more productive.
M G Warrier, Thiruvananthapuram

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