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Indian government insists gold paperization scheme is voluntary

Section: Daily Dispatches

Gold Monetisation Scheme Purely Voluntary, Indian Government Says

By the Press Trust of India
via The Times of India, Mumbai
Saturday, December 5, 2015

NEW DELHI, India -- The gold monetisation scheme is purely voluntary for individuals and institutions and they can make their own decision to monetise their gold, the Finance Ministry today clarified.

"The gold monetisation scheme is entirely voluntary and it is for individuals, institutions, and others to take their own decision to monetise the gold held by them under the scheme," the Finance Ministry said in a statement. "The objective is to monetise the idle gold held within the country and promote financial savings,"

The ministry was reacting to media reports that the government will intervene directly to monetise gold held by charitable, religious, and other institutions. ...

... For the remainder of the report:

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World's Richest Hindu Temple May Move Stash to Modi's Gold Scheme

By Nidhi Verma
Friday, December 4, 2015

NEW DELHI, India -- The richest Hindu temple in the world could soon come to the rescue of Prime Minister Narendra Modi's plan to recycle tonnes of idle gold and cut economy-hurting imports.

The gold monetisation scheme, aimed at persuading individuals, institutions and rich temples to deposit some of their gold stash with banks to recycle, has only attracted about one kg in a month out of a total hoard of over 20,000 tonnes.

But the Sri Venkateswara Swamy Temple, popularly known as the Tirupati Temple that is believed to have been the abode of Lord Vekateswara for 5,000 years, may become the biggest contributor with more than 5.5 tonnes of gold. ...

... For the remainder of the report:


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