New Delhi: Prime Minister Narendra Modi on Thursday launches Gold bond and monetisation scheme in an attempt to tap nearly 20,000 tons of gold lying ideal in the Indian household.
During launch including India’s first ever ‘India gold coin’ bearing Ashok Chakra engraved on one side and Mahatma Gandhi on the other side, Modi said, “'I used to hear Sone Pe Suhaga but now I understood the meaning of Sone Pe Suhaga”.
“People of this country are already poor. The question of physical Gold’s security will now be ruled out and women will benefit the most from these schemes. I would like to request women of this country to come forward to avail benefits of these schemes,” Modi said.
Beside Gold coin, the other three gold related schemes launched by the PM are Gold Monetisation Scheme (GMS) and Gold Sovereign Bond Scheme. The Gold coin will be minted in India and will have anti-counterfeit features and tamper proof packaging.
Under GMS scheme, banks will collect gold for up to 15 years and pay 2.25-2.50 per cent interest per year.
Initially, the coins will be available in denominations of 5 and 10 grams. The move from the government could be seen as a Diwali gift from the Modi government, especially ahead of Dhanteras.
As per Gold Fields Minerals Services (GFMS), India topped the position as the world’s biggest gold consumer from China in 2015. India’s overall consumption was 642 tonnes while China lagged behind at 579 tonnes.
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