How to make Indians let go of gold | Business Line

How to make Indians let go of gold | Business Line


GOI and RBI should not further delay initiatives to putting in place an
institutional arrangement to support gold management.  Some preliminary work on setting up a Gold
Bank had already been done in RBI during 1990’s. While such an institution can
take care of regulatory and supervisory aspects, at this stage, authorities may
have to think in terms of dedicated professional institutions at the
regional/state level, which will 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 like Kerala have successfully intervened in other similar sectors
like chits/kuris and
lotteries, which were also areas of exploitation by vested interests. Private
players had to fall in line and function with discipline and self-regulation.

M G Warrier, Mumbai


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