Gold deposit scheme of India targets easy 200 tons
Indias much-awaited
gold deposit schemes can "easily" unlock 200 tons per year from existing
household stockpiles, according to state-backed refiner MMTC-Pamp, read more
Indians can deposit gold under Gold Monetisation Scheme. The Government is trying to get Indians to part with their gold.
India imports 800-900 tonnes of gold each year, making us the second-largest gold consumer globally after China. We are the largest jewellery manufacturing hub as well.
Gold imports however plunged 94% to $688m during the first quarter of 2020-21 vs $11.5bn in the corresponding period last year, on the back of significant fall in demand in the wake of the COVID-19 pandemic.
And amidst this crash, the Government is mulling ways to tap into the idle gold lying with Indian households, and turn this unused gold into an asset which jewellers, banks, NBFCs and other lending institutions could monetise.
Private gold stock in India is estimated at 25,000 tonnes which is worth ₹110Lcr ($1.4trn).
The Finance Ministry is reportedly working on a gold amnesty scheme for people with unaccounted holdings of the precious metal. Some other proposals, include tweaking the Gold Monetisation Scheme (GMS) introduced in Budget 2015-16 to make it more attractive.
Here’s a look at how the Government is trying to make gold deposit schemes more attractive.
Indians can deposit gold under Gold Monetisation Scheme. The Government is trying to get Indians to part with their gold.
ReplyDeleteIndia imports 800-900 tonnes of gold each year, making us the second-largest gold consumer globally after China. We are the largest jewellery manufacturing hub as well.
Gold imports however plunged 94% to $688m during the first quarter of 2020-21 vs $11.5bn in the corresponding period last year, on the back of significant fall in demand in the wake of the COVID-19 pandemic.
And amidst this crash, the Government is mulling ways to tap into the idle gold lying with Indian households, and turn this unused gold into an asset which jewellers, banks, NBFCs and other lending institutions could monetise.
Private gold stock in India is estimated at 25,000 tonnes which is worth ₹110Lcr ($1.4trn).
The Finance Ministry is reportedly working on a gold amnesty scheme for people with unaccounted holdings of the precious metal. Some other proposals, include tweaking the Gold Monetisation Scheme (GMS) introduced in Budget 2015-16 to make it more attractive.
Here’s a look at how the Government is trying to make gold deposit schemes more attractive.
https://transfin.in/govt-to-boost-gold-monetisation-scheme-amidst-rising-gold-price-fall-in-imports