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PM Narendra Modi says gold schemes to be launched before Dhanteras
He addressed the country in his radio address ‘Mann ki Baat’
By: Diamond World News Service
Oct 26 2015 8:54AM
Reference: 12140  

India’s Prime Minister Narendra Modi spoke of the gold monetization scheme becoming ready for the people of the country, within a few weeks, most likely before Dhanteras, as per reports. The PM spoke of it in his monthly radio address to the country ‘Mann ki Baat’.

The festival of Dhanteras precedes Diwali and is the auspicious time to indulge in gold in India.

Under the gold monetisation scheme, people can deposit gold with banks and earn an interest on it. The Banks will be allowed to accept deposits of a short-term with maturity ranging between one and three years; a medium-term with a five to seven years horizon; and a long-term deposit maturing in 12-15 years. The PM mentioned that the scheme would enable converting gold from ‘dead money’ into a ‘living force’ and sought support from the people of India for this. In his speech he noted that, people depended upon gold in the time of crisis as a financial security and it would be difficult to take away the love of gold from people. Yet he added that gold instead of lying as dead money can be utilised as an ‘economic strength’ for the country and a contribution by every Indian towards this would be needed.

Also, the PM mentioned gold bonds being launched before Dhanteras. He spoke of investment in gold bonds would give an investor physical gold and although not in the form of a gold bar but a piece of paper, and returns in tune with the market price prevailing at the time of redemption, as per reports. This, he said would help one not to ‘buy gold, handle gold, or worry about where to keep it and no one will come to steal a piece of paper’, reports say. The bonds are aimed at reducing the demand for gold in physical form and divert the investor interest into a financial instrument, reports add. PM plans to launch four gold-related schemes which would include coins.

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