Old ain’t gold | Business Line

Old ain’t gold | Business Line

My VIEW:

Copied below is the concluding portion of my article "Gold management needs a makeover" published in this paper(The Hindu Business Line) on April 13, 2012:

"The time is ripe for authorities 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.

Establishment of ‘Gold Corporations' with state participation could also be debated. Such an institution can act as a depository where the gold possession of individuals now in bank lockers and the pledged gold can find a safe shelter, provided the purity can be ensured..."

M G Warrier, Mumbai

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