New Delhi, Nov 5 Prime Minister Narendra Modi on Thursday launched three ambitious schemes to reduce the physical demand for gold and fish out 20,000 tonnes of the precious metal worth USD 800 billion lying idle with households.
The Gold Monetisation Scheme (GMS), 2015 will offer option to resident Indians to deposit their precious metal and earn an interest of up to 2.5 per cent; while under the Sovereign Gold Bonds Scheme, investors can earn an interest rate of 2.75 per cent per annum by buying paper bonds.
Modi also unveiled the first ever Indian gold coin & bullion, bearing national emblem Ashok Chakra on one side and Mahatma Gandhi’s image engraved on the other side.
Initially the coins will be available in denominations of 5 and 10 grams. A 20 gram bullion will also be available through 125 MMTC outlets.
Modi said India has surpassed China as the world’s largest gold consumer, buying 562 tonnes of yellow metal so far this year, against china’s 548 tonnes.
Observing that there is no reason for the country, which has 20,000 tonnes of gold lying idle with households and institutions, to remain poor.
With some efforts and right policies India can get rid of this tag of (poor nation).
