FinMin asks banks to promote gold scheme | Business Line

FinMin asks banks to promote gold scheme | Business Line

My VIEW:

December
4, 2015
Gold
management
This refers to the report
“FinMin asks banks to promote gold scheme” (HBL, December 4). The resistance from
vested interests to the three gold-management schemes introduced with good
intentions is on expected lines. RBI and GOI also cannot plead ignorance about
the reluctance of individuals/institutions to even divulge the details about
the gold possessions.
Though it can be argued
that the emotional attachment to the yellow metal deserves protection,
regulators have no option but to handle with determination, the tendency to use
this as a shield to indulge in unhealthy practices to evade law enforcement.
Government need not feel
shy about asking those who possess gold to reveal the extent of the quantity
they keep, as, after all, it is their responsibility to ensure the safety of
such holdings. Perhaps, where the holdings are beyond a threshold limit, making
insurance compulsory and levying a ‘security tax’ may be thought of.
As the assets of many of
the organisations come from the contribution by public, government and
regulators should own up the responsibility to prevent the misuse and ensure
better management of these assets.
As Finance Ministry is
over-burdened with several responsibilities, the institutionalisation of gold
management by establishing an apex body under the aegis of Reserve Bank of
India need to be given priority now.


M
G Warrier, Mumbai 

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