India's Modi Moves Closer to Tapping Gold Hoard to Cut Imports

India moved a step closer to selling gold-backed bonds and allowing banks to tap idle jewelry and bars held by households and temples to cut reliance on imports.

The plan may fail to draw people in large numbers because of Indians’ inherent love for holding physical gold and low interest rates likely to be offered by the banks.

India's Modi Moves Closer to Tapping Gold Hoard to Cut Imports