Gold bank - Moneylife

Gold bank - Moneylife



My VIEW:



This article was published in February 2015.

The media report about
government having mobilised 900 kg of gold under gold monetisation scheme, by
mid-January 2016 is encouraging. The quick response from GOI and RBI to
stakeholders’ sentiments make the chances of survival and success of the three
gold schemes under implementation (Sovereign Gold Deposit Scheme, Gold
Monetisation Scheme and Gold Coin Scheme) brighter. After decades of hesitant
approach to gold management, India is now exhibiting the country’s
determination to exploit the past savings idling in the lockers of families,
institutions and religious centres, and bring them to the mainstream economy,
to which gesture, people are responding positively.
The initiative taken by
GOI to exploit the potential of domestic gold stock to country’s advantage, if
pursued with will and determination, will have a great impact on the growth
story of India. When credibility in the government’s ability to manage
country’s resources without leakages is restored, temples and other
institutions with whom large stock of the yellow metal lie idle will plough it
back to mainstream economy. That is their interest also.
Centre is yet to
institutionalise a system to manage country’s gold stock. Let us wait for the
Budget 2016-17, for a formal announcement on this. RBI should quickly revisit
the 1990’s proposal to establish a Gold Bank which can, as an apex body,
coordinate the demand and supply sides of gold management professionally.


M
G Warrier, Mumbai

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