FM’s gold schemes - Moneylife

FM’s gold schemes - Moneylife

My VIEW:

It is comforting to see that the debate on gold management is making some progress.

Once the government musters the political will to recognise gold as a national resource, the whole scenario of India Growth Story will change for the better. The advantages are:
1) When some banks start opening gold accounts, they will also be able to maintain more liquid assets under Section 24 of the Banking Regulation Act, 1949(the section requires banks to maintain a certain percentage of their liabilities in cash, gold or unencumbered approved securities) in gold.
 
2) Individuals and institutions will be encouraged to keep their gold stock with banks thereby reducing misuse(Now for the rich, gold is a medium to show off their wealth- Not only in the form of jewellery, but by erecting statues and flag masts in solid gold-less said about the malpractices practiced in such transactions, the better!)
 
3) Need to import gold will get considerably be reduced resulting in saving precious foreign exchange.
 
Budget 2015-16 is an appropriate medium for Modi government to think loudly on the above lines.
M G Warrier

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