Gold bonds welcome | Business Standard Editorials

Gold bonds welcome | Business Standard Editorials

My VIEW:



September
14, 2015
Demystify
gold
This refers to your
editorial “Gold bonds welcome” (September 14). The editorial covers most of the
relevant aspects of the two gold savings schemes now on the drawing board. If
Gold Bond Scheme is able to attract substantial investment from individuals who
otherwise would have bought pure gold or gold jewellery as savings/investment,
that will bring at least part of future investment in yellow metal to the
mainstream for productive use.
One wishes gold
monetisation scheme also plays its expected role in gradual transfer of idle
gold into the mainstream economy. There are some related issues about
credibility and accounting which need immediate attention of the government and
RBI. The country’s surface gold stock has to be accounted and there has to be
transparent and credible and reliable arrangements within the country to verify
the purity of gold and to convert gold in any form now available into solid gold
of internationally accepted standard.
Media reports sometime
back suggested that RBI was contemplating sale of part of its gold reserves in
India in local market and purchase of ‘quality gold’ abroad. While the proposal
is laudable, in these days of ‘Make in India’ and ‘Make for India’, we should
think in terms of creating necessary infrastructure for handling and processing
gold here in India. Otherwise, situations like the one in early 1990’s when
gold was carried to UK for pledging will haunt in different forms.
The time is opportune for
India to have an apex level institution for regulating gold management from
mining to import/export and from ensuring purity of gold used for jewellery to
mapping the surface stock of gold with individuals, institutions and other
organisations. Government should not shy away from initiating measures in this
direction for fear of being unpopular among those who are scared of law
enforcement.


M
G Warrier, Mumbai

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