The Cabinet on Wednesday approved Gold Bond and Gold Monetisation schemes to reduce the metal’s demand in physical form and fish out idle gold lying with households and other entities.
After the Cabinet meeting Finance Minister Arun Jaitley said it is safer and economically more stable to go under both these schemes.
He said around 1,000 tonnes of gold is imported annually and people hold such quantum of idle gold just for investment purpose every year. By taking advantage of gold monetisation scheme, people can deposit idle gold with authorised agencies and take advantage of the price escalation of gold as well as earn interest on the deposit, he said.
What is Gold Monetisation scheme