Indian government's gold scheme paperizes 9/10ths of a tonne of gold

Section:

Just 22,999 more to go.

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By the Indo-Asian News Service
via The Times of India, Mumbai
Saturday, January 23, 2016

http://timesofindia.indiatimes.com/business/india-business/More-than-900...

NEW DELHI -- The central government has mobilised more than 900 kilograms of gold [nine-tenths of a metric tonne] under its gold monetisation scheme, a senior official said on Saturday.

"Gold Monetisation Scheme: More than 900 kgs gold mobilised so far. Scheme making steady progress. Expected to pick up in coming months," tweeted Shaktikanta Das, secretary economic affairs in the Finance Ministry.

The central government had launched the gold monetisation scheme on November 5, 2015, to convert jewellery and other yellow metal assets into interest-bearing deposits.

According to the World Gold Council, an estimated 22,000-23,000 tonnes of gold is lying idle with households and institutions in India. The annual imports amount to around 850-1,000 tonnes valued at $35-$45 billion.



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