Story Details

Gold Monetization scheme - Great Benefits to the People, Banks and Nation

Posted By ravikumarnama 1243 days ago on Finance - Why Gold Monetization scheme?

India is one of the top country importing Gold in the world. Every year approximately 800 - 1000 tonnes of Gold being imported. To import this Gold, India has to spend most of Forex deposits causing severe effect on Rupee value in the Market. The interesting point here is most of these Gold are sitting idle and un-productive. According to the current Market prices, the value of this un-productive Gold is around 60 Lakh crores. To decrease the imports of Gold and to channelize the gold sitting idle into the Market, Finance Minister Arun Jailtey had announced Gold Monetize Scheme (GMS) in budget 2015. The Draft Guidelines of the Scheme is released today by Government.

Submit a Comment

Log in to comment or register here