Gold Management: Business Line

Don’t tamper with crops | Business Line

The Hindu Business Line, November 7, 2015

Letters

INSTITUTIONALISE GOLD MANAGEMENT



If the schemes help bring in at least a portion of the estimated 22,000 tonnes of surface domestic stock of gold and arrest the craze for possessing gold in metal form, and abusing it for plating roofs and masts, it may trigger a new direction for the country’s growth story.
The Centre and the RBI should not delay initiatives to put in place an institutional arrangement to support gold management. Some preliminary work on setting up a gold bank was done by the RBI in the 1990s. The authorities may have to think in terms of dedicated professional institutions at the regional/State level to handle gold from a banking angle. An apex body should be equipped with linkages for import and export of gold and gold products with borrowing and lending capabilities.
States such as Kerala successfully intervened in chits/kuris and lotteries, which were exploitated by vested interests, and private players had to fall in line.
MG Warrier
Mumbai

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