Govt to launch Gold Monetisation Scheme ahead of Diwali

Under the gold schemes, depositors will get interest from the bank on their gold deposits.

“Nobody can diminish the love for gold in our society, but gold lying around like “dead money” doesn’t bode well in today’s era… it can be a source of economic strength for the country”.

“I am happy to share with you that we are going to launch important schemes, which we announced during Budget, on “Dhanteras” when people buy gold”.

Apart from gold, the Prime Minister also spoke on the significance of the upcoming India-Africa Foreign Summit, the importance of organ donation and highlighted a few success stories of the Adarsh Gram Yojana.

Under the gold monetisation scheme, people can now park gold in banks to earn a rate of interest on it. This means, people will soon earn interest on the gold they have, over the years, earning a return over and above the rise in the value of gold. “Can gold not transform from dead money to live power?”

The PM said that in accordance with the traditional practice, people keep gold in lockers for which they have to pay to banks. “Don’t keep gold at home”, he added.

Modi also mentioned the sovereign gold bond scheme, wherein at the time of selling, customers can earn returns according to the current price of gold.

“Now, keep silver in lender and the bank will probably pay you while in the type of interest”.

He also informed that India will mint its own gold coins which will carry the Ashok Chakra emblem.

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. Why shouldn’t we have a swadeshi mark? “This is what we want to do and I seek your support”, he said. “That’s why in the coming week, before Dhanteras, it will made be available to citizens”, he said. The coins will be of 5 gm and 10 gm in weight. It could include raw gold in the forms of bars, coins and jewellery, excluding stones and other metals, the RBI said.

“I am confident that these new schemes will give new direction to the economic development of the country”. Government will review the gold scheme after one year and make necessary amendments if required.