India’s gold monetisation scheme may be ready in weeks – Modi

India's Prime Minister Narendra Modi speaks at a news conference in Government Buildings in Dublin September 23, 2015. REUTERS/Cathal McNaughton/Files

Sorry, I completely disagree this article. Gold is not dead money. Gold is something that will come alive as money as our current “fiat paper money system” dies a slow then quick death. From: http://in.reuters.com/article/2015/10/25/india-gold-idINKCN0SJ05P20151025

For some of the lowest gold and silver prices in Singapore visit www.SilverAG.com.sg

A programme to attract gold owned by households into a bank deposit scheme to monetise the precious metal could be ready in weeks, Prime Minister Narendra Modi said on Sunday, a step aimed at cutting expensive imports.

The scheme would allow people to put their gold into banks in return for interest payments in an attempt to mobilise thousands of tonnes of the metal sitting idle in Indian households.Indians prize gold as gifts and as a way of storing wealth. The country consumes nearly 1,000 tonnes of gold every year, most of it imported, and gold is the second-biggest expense on the import bill after oil.

In his monthly radio address, Modi said the programme should be ready before Dhanteras next month, a festival when it is considered an auspicious period to buy gold.

“Please, don’t let your gold be dead money,” Modi said. “Gold is very important for the country. Gold can become an economic strength for us.”

Huge gold imports were blamed for pushing the country’s current account deficit to a record $190 billion in 2013, prompting the government to hike its duty on imports to 10 percent, an all-time high.

(Reporting By Andrew MacAskill; Editing by Jacqueline Wong)

–ENDS

To offer an opinion, hang on to your physical gold India.  Gold will be more important to you as an individual than surrendering it to a government for interest.

Advertisements