INDIA: Thumbs-up to gold monetisation
Mumbai-India (Jun 7) Who said Indian women are possessive about their gold? They are willing to part with it, provided the government is ready to address some of their concerns. The draft paper on the new gold monetisation scheme, which was put out on May 19 by the Centre and was open for public comments till June 2, saw a large number of citizens register their remarks.
Welcoming the idea, many people have said that they would go for it if they receive an attractive interest rate. They also asked for the minimum deposit to be reduced to 10 gram from the proposed 30 gram. Many of them have sought interest of 4-6 per cent. A key concern expressed by many was on the need to melt the jewellery. People have asked the government to look for other options to test the metal’s purity. Some have suggested that if it is BIS Hallmarked gold, it should be accepted as such and not be put through a fire assay. A suggestion has also been that the government should maintain one portion of the deposit as jewellery to lend it to people on rent. The commentator, a woman, has said that this would interest people as it would let them flaunt a variety of gold ornaments every time they have a celebration at home.
A few have also asked for clarity on disclosures to be made for KYC purposes. They have also asked for leeway to decide on whether the deposit can be redeemed in cash or gold at the time of withdrawal, as against the current requirement of selecting the option at the beginning.