You are here

After 8 months India's government has paperized only 3 tonnes of gold

Section: Daily Dispatches

Government Mobilizes 3.1 Tonnes of Gold under Monetization Scheme

By the Press Trust of India
via The Times of India, Mumbai
Thursday, July 14, 2016

NEW DELHI -- Government today said it has netted 3.1 tonnes of idle household and temple gold under the monetization scheme since its launch in November 2015.

"As of now 3.1 tonnes of gold have been deposited under the Gold Monetization Scheme," the joint secretary in the Finance Ministry, Saurabh Garg, said.

This is much lower than 800-1,000 tonnes of annual gold imports, he said, adding that estimates say 300 tonnes are for investments, while the balance is jewellery.

... Dispatch continues below ...


Silver mining stock report comes with 1-ounce silver round

Future Money Trends is offering a special 18-page silver mining stock report about how to profit with the monetary and industrial metal, and it comes with a free 1-ounce silver round. Proceeds from the report's sales are shared with the Gold Anti-Trust Action Committee to support its efforts to expose manipulation in the monetary metals markets. To learn about this report, please visit:

"We are hoping that the investment part can shift to the Gold Monetisation Scheme," he added.

Under the scheme, banks are authorized to collect gold for up to 15 years to auction them off or lend to jewellers from time to time.

Depositors will earn up to 2.50 percent interest per annum, a rate lower than savings bank deposits.

Currently, there are 46 assaying and hallmarking centers qualified to act as collection and purity testing centers for handling gold under the scheme.

All gold deposits under the scheme have to be made at centers. Banks can also accept deposits at designated branches, especially from larger depositors.

India imports about 1,000 tonnes of gold every year and the precious metal is the second-highest component of the imports bill after crude oil. An estimated 20,000 tonnes of gold are lying with households and temples.

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana

Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit: