Gold monetisation, sovereign gold schemes get Cabinet nod | Business Line

Gold monetisation, sovereign gold schemes get Cabinet nod | Business Line

My VIEW:



Gold
management
This refers to the report
“Gold monetisation, sovereign gold schemes get Cabinet nod” (September 10).
Business Line published my article “Gold management needs a makeover” on April
12, 2012, which inter alia had observed:
“It
is high time gold is accorded the position it deserves in forex reserves
management. The Centre could also consider an arrangement, through RBI or any
other duly constituted authority, to trade in ‘paper gold', against genuine
tradable gold stocks. Mutual Fund ETFs are no substitute for this.”
It is comforting to see some positive
developments after 3 years. Though these are steps in the right direction and
may fetch some positive results, much more need to be done, if at least a
substantial portion of the estimated surface domestic stock of gold is to get
into the mainstream. First and foremost would be restoring credibility in the
institutional system (includes government) that will handle the yellow metal,
if the present holders are willing to ‘sacrifice’ by temporarily parting with
their prestigious possessions for the country’s economic growth. Two, there
should be clear disincentives for hoarding gold stock, in whatever form and more
particularly against misuse of the precious metal for showing off (this include
building gold statues, gold-plating etc.). Government should also consider
recovering at least a part of costs incurred for providing security for the
huge stocks of gold and jewellery maintained by individuals/institutions.


M
G Warrier, Mumbai

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