Union Budget 2015-16 proposes steps to monetise gold, contain imports
By GCRU Gold News on Sunday, March 1 2015, 02:04 - Permalink
To curb gold imports and monetise large idle stocks of the precious metal, Finance Minister Arun Jaitley on Saturday announced three schemes, including redeemable gold bonds which will carry a fixed rate of interest.
The Minister proposes to introduce a gold monetisation scheme, which will replace both the present gold deposit and gold metal loan schemes.
“The new scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account. Banks/other dealers would also be able to monetize this gold,” Mr. Jaitley said in his Budget speech.
Union Budget 2015-16 proposes steps to monetise gold, contain imports