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India to unleash its gold power

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Prime Minister Narendra Modi launches the Gold schemes, in New Delhi on November 05, 2015. The Minister of State for Finance Jayant Sinha and the Minister of State for Commerce and Industry (Independent Charge), Nirmala Sitharaman are also seen.

India unveils three schemes to utilise about 23,000 tonnes of idle gold….reports Asian Lite News

Prime Minister Narendra Modi launches the Gold schemes, in New Delhi on November 05, 2015. The Minister of State for Finance Jayant Sinha and the Minister of State for Commerce and Industry (Independent Charge), Nirmala Sitharaman are also seen.
Prime Minister Narendra Modi launches the Gold schemes, in New Delhi on November 05, 2015. The Minister of State for Finance Jayant Sinha and the Minister of State for Commerce and Industry (Independent Charge), Nirmala Sitharaman are also seen.

Prime Minister Narendra Modi on Thursday launched three gold-related schemes, including a coin engraved with the images of national emblem Ashok Chakra and Mahatma Gandhi on its two sides, in a bid to put some 20,000 tonnes of idle gold into productive use.

The other two schemes launched are the gold monetisation scheme to convert jewellery and other yellow metal assets with people into interest-bearing deposits, and the sovereign bond scheme with an eight-year tenure, while allowing an exit option after five years.

According to the World Gold Council, an estimated 22,000-23,000 tonnes of gold is lying idle with households and institutions in India. The annual imports amount to around 850-1,000 tonnes valued at $35-$45 billion.

Prime Minister Narendra Modi launches the Gold schemes, in New Delhi on November 05, 2015. The Minister of State for Finance Jayant Sinha and the Minister of State for Commerce and Industry (Independent Charge), Nirmala Sitharaman are also seen.
Prime Minister Narendra Modi launches the Gold schemes, in New Delhi on November 05, 2015. The Minister of State for Finance Jayant Sinha and the Minister of State for Commerce and Industry (Independent Charge), Nirmala Sitharaman are also seen.

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