Do you also have ancestral gold in your house that has been locked in the cupboard for years? If yes, then this news is for you. The government is going to launch a new gold monetization scheme soon and this time the scheme will be so easy that you will be able to deposit gold with the jeweller of your locality.
The central government is preparing to launch a new and revised edition of the Gold Monetisation Scheme in view of the increasing demand for gold in the country and the ever-increasing imports. According to sources, the government is likely to announce this new gold monetization scheme within the next two weeks. This time the government’s goal is to bring more gold into the financial system than before. It is believed that through the new Gold Monetization Scheme, a target of bringing more than 1,000 tons of gold into the system can be set.
The move comes at a time when Prime Minister Narendra Modi himself had appealed to the citizens to postpone the purchase of new gold for a year. The government’s concern is clear – India is among the world’s biggest gold buyers and billions of dollars are spent on gold imports every year, putting pressure on foreign exchange reserves and the rupee. In such a situation, the new Gold Monetization Scheme has become not just a scheme but an economic necessity for the government. Let’s understand every detail of this Gold Monetization Scheme in detail.