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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Indian govt., banks to review 'slow response' to gold paperization scheme

By cpowell
Created 2015-11-29 16:24

Finance Ministry to Meet Banks Dec. 1 to make Gold Scheme More Attractive

From the Press Trust of India
via The Times of India, Mumbai
Sunday, November 29, 2015

NEW DELHI, India -- The Finance Ministry will hold a review meeting with banks and RBI representatives on Tuesday to assess the gold monetisation scheme, which has seen a "slow response" since the launch earlier this month, so as to make it more attractive.

The meeting, to be chaired by Economic Affairs Secretary Shaktikanta Das, is also likely to be attended by RBI Deputy Governor H R Khan, an official said.

"Banks are now in talks with institutions and temples to popularise the gold to popularise the gold monetisation scheme. The Economic Affairs department will review the progress on December 1," the official added.

The scheme, launched by Prime Minister Narendra Modi on November 5, has received a "slow response," according to the ministry.

Out of the 20,000 tonnes of gold worth over Rs 52 lakh crore lying idle with households and institutions, the scheme has been able to garner only 400 gm of physical gold till November 18. ...

... For the remainder of the report:

http://economictimes.indiatimes.com/news/economy/policy/finance-ministry... [1]



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