Govt. mobilises 900 kg of gold under monetisation scheme

Govt. mobilises 900 kg of gold under monetisation scheme: The government on Saturday said it had netted a hefty 900 kg of idle household and temple gold under the monetisation scheme and is hopeful that the number would rise further in future. “Gold Mone

Also read my article on Gold Monetisation Schemes

Welcome news. 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.
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

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.

M G Warrier


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