Get people to lend us their gold so we can use it to push its price down, Indian minister tells jewelers


Government Seeks Industry Suggestions to Improve Gold Monetisation Scheme

From the Press Trust of India
via The Times of India, Mumbai
Wednesday, December 18, 2019

NEW DELHI -- Union Minister Piyush Goyal today sought suggestions from the jewellery industry to improve the Gold Monetisation Scheme to unlock the large pool of the yellow metal lying idle with households.

Addressing an awards function organised by the Gems and Jewellery Export Promotion Council here, the commerce minister said unlocking of idle gold will help in reducing the burden on foreign exchange reserves.

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In 2015 the government launched the Gold Monetisation Scheme to mobilize the yellow metal held by households and institutions in the country. However, the scheme has failed to evoke good response from individuals because of lower returns and security concerns.

Under the scheme, banks' customers are allowed to deposit heir idle gold for a fixed period in return for interest in the range of 2.25-2.50 percent.

"I think there are large amounts of gold that are lying in people's lockers without any use. It is an unproductive asset that neither gives the person any return nor helps the economy. I would like you all to help us create a scheme by which we can truly attract people to come and deposit their gold," Goyal said.

The aim should be to encourage people to deposit their idle gold and earn income from it without losing ownership of the yellow metal. They should keep gold like a fixed deposit and enjoy both appreciation of the gold value and some reasonable return on the deposit, he said. ...

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