The Government of India has come up with a new scheme called Gold Moetisation Scheme where an individual can deposit their gold to a designated agency or bank and can start earning interest on the deposited gold. It is estimated that India has more than 20,000 tonne gold which is neither being traded or monetised and this reserve is pending with household, institutions etc. We have temples like Tirupati Balaji where tonnes of gold is pending idle and if this scheme is able to attract these kind of reserves India can make huge positive impact on their current account defecit. Currently we spend large amount of our foreign reserve on importing gold as it comprises more than 20% of our total imports.
Till date this scheme is not able to get the response which our Honorable Prime Minister is expecting but I feel it can be an important step to curve our gold imports.
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