Diwali glitter for govt’s gold monetisation scheme

Updated - November 16, 2021 04:59 pm IST

Published - October 25, 2015 05:09 pm IST - New Delhi

Through the gold monetisation scheme, gold in any form can be deposited with banks for a period of one to 15 years.

Through the gold monetisation scheme, gold in any form can be deposited with banks for a period of one to 15 years.

On the eve of Diwali, the government will launch important gold-related schemes, including the gold monetisation, Prime Minister Narendra Modi announced on Sunday.

Besides the gold monetisation scheme, the government will also launch ‘sovereign gold bonds’ and gold coins with Ashok Chakra, he said in his monthly radio programme Mann Ki Baat.

“In the last budget, we had announced an important scheme. In our country, gold has become a part of our social life. Gold is treated as a means of economic security, a help during the time of crisis. It is traditionally believed so.

“I don’t think anybody can reduce the love of people for gold. But to keep gold in the form of dead money does not augur well in this age. Gold can become strength, an economic strength. Gold can become the country’s economic property and every Indian should contribute to this,” he said.

He noted that as per the traditional practice, people keep gold in lockers, for which they have to pay to banks.

“Now, keep gold in the bank and bank will pay you in the form of interest. Now say, will gold not be an asset? Can gold not transform from dead money to live power? This is what we have to do. You support me,” Mr. Modi said.

Talking about the sovereign gold bonds scheme, he said people will not get any gold bar but a piece of paper, which will have the same value as that of gold. “When you return that piece of paper, you will get money as per the value of gold at that time... We are going to initiate this,” he said.

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