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Section: Daily Dispatches

Allow Gold-Backed Savings Products,
World Gold Council Says in India

From The Hindu
Chennai, India
Wednesday, February 16, 2005

http://www.hindu.com/2005/02/17/stories/2005021706971700.htm

MUMBAI -- The Reserve Bank of India should allow
banks to offer gold-backed savings products so that
part of these investments can be channelised
through the more regulated banking sector, the
World Gold Council says.

"It is imperative that banks be allowed to offer
gold-backed savings and investment products so that
part of the flow of savings into physical gold remains
in the more regulated banking sector," said Sanjeev
Agarwal, managing director, Indian subcontinent,
World Gold Council, while enumerating the
pre-budget recommendations for the gold industry.

Mr. Agarwal also recommended that Indian banks
be allowed to give "gold" loans, which at present
are 4-5 percent lower than rupee loans. This would
help jewellers reduce their working capital costs and
hence reduce the cost of gold jewellery to consumers.

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