|PM Modi schemes|
PM Modi and team has identified a solution launch Gold monetization and Sovereign Gold Bond schemes with a view to mobilize a part of 20,000 tones of idle gold lying with households and temples
The government will launch gold monetisation, gold bond scheme and Indian gold coin scheme on November 5 to cash in on diwali gift .
Security printing and Minting Corporation of India Ltd will be minting these ASHOK CHAKRA GOLD coins. 20,000 coins of 5 gm and 30,000 coins of 10 gm would be made available
India is a major consumer of gold. People buy the precious metal on different festivals, marriages and also for investment purpose. Infact women are the strong back bone to save Indian economy by having minimum necklaces.
The government had in September cleared the gold monetisation scheme aimed at tapping part of an estimated 20,000 tonnes of idle gold worth about Rs 5,40,000 crore into the banking system and also issuing sovereign bonds as an alternative to the precious metal.
Sovereign gold bonds will be offered in tranches and the interest would be payable in the rupee.