Gold monetization plan didn’t pick up momentum

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The plan of the Government aims at monetizing approximately 22,000 ton of Gold which is lying idle in the households as well as temples. The owners may approach the certified centers for melting their gold, testing its purity and for getting a certificate on the basis of which the banks would be opening the gold deposits accounts.

Government’s plan for monetizing the gold which is lying idle in the households and the temples is not picking up momentum at all. People can go to the certified hallmarking centers to melt their gold and to attain a certificate of purity.

A very slow ignition has been noticed for the Government’ scheme of monetizing the gold which is idling in the households as well as temples. The owners may easily approach the hallmarking certified centers for melting the gold, for getting it tested for purity and for attaining a certificate. On the basis of this certificate the banks would db opening the gold-deposit accounts.

The Government employees have said that there are a lot of things which need to be cleared for internal accounts purpose.
As the deposits on the behalf of the Government, there needs to be an official circular regarding the testing as well as refining expenditure which would be reimbursed to the banks. For short term deposits, the process of testing, refining and melting would be undertaken at the expanse of Government’s expenditure.
The BIS (Bureau of Indian Standards) has certified approximately 33 centers throughout the country for collecting and testing the gold for purity. 5 Gold refineries are also certified. The banks are still under the process of getting the tripartite agreements signed with the test centers.

More :

BISGovernment’s scheme for testing gold purityGovernment’s plan for monetizing idle gold

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