Silver line on gold horizon


January 22, 2016
Silver line on gold horizon
This refers to the report “RBI simplifies gold monetisation scheme” (Business Standard, January 22). 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.
This approach is consistent with Finance Minister Arun Jaitley’s observation in Davos that accumulated savings idling as ‘reserves’ with PSUs should be ploughed back and utilised for public benefit. Once this principle is accepted at the highest level, policy formulation is just a ‘matter of details’. Read this with Thomas Piketty’s call to the rich to open their wallets more to remove inequality. Can we expect some fast moves across sectors to ensure distributive justice, beyond CSR(Corporate Social Responsibility) and doles to the poor?
Back on gold, 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.
M G Warrier, Mumbai


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