Jaipur/ Nagpur, May 21 (ANI): Jewellers and investors praised the central government’s proposal to monetise gold. India could allow individuals to deposit a minimum of 30 grams of gold with banks in return for interest payments to help monetise large quantities of the metal lying with households, a step that is aimed at cutting expensive imports. Trying to mobilise 20,000 tonnes of unproductive gold owned by Indian households into cash, Finance Minister Arun Jaitley in his budget speech on February 28 unveiled the gold monetisation scheme, the draft guidelines for which were announced on May 19. Jewellers say not only will the common man benefit from the scheme but it will also cut down on imports. The government is trying to convince households, who sometimes have little faith in financial institutions, to break the tradition and hand over gold passed down the generations. Under the scheme, customers will have to deposit gold for at least a year and banks may pay the interest after 30 or 60 days of the opening of the gold savings account, the proposal said.
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