Gold Monetisation plan flops - only 400-grams out of an estimated 20000-tonnes so far been deposited

The Gold Monetisation Scheme that had been launched by Prime Minister Narendra Modi has failed to attract investors - as per official estimates, around 20,000 tonnes of gold worth over Rs 52 lakh crore is lying idle with households and temples in the country. It was expected that the scheme would help uncover the hidden treasure but, so far, only 400 grams have been deposited in banks.
This has been reported in telegraphindia.com dated 19 November 2015.

The figure has been revealed by northern region chairman of the Gem & Jewellery Export Promotion Council.
Industry representatives have met Economic Affairs Secretary to discuss methods for opening more centers for gold testing.
In the opinion of experts, if the 13,000 BIS-certified jewelers are allowed to act as collection agents, then the scheme would get better response.
The vice-chairman of the Export Promotion Council for EOUs & SEZs, has indicated that the finance ministry should allow jewelers registered with BIS to act as collection point for gold. At present, there are 3.5 lakh jewelers in the country and 13,000 are BIS-certified. The ball is now in the court of the finance ministry who have agreed in principle to make them eligible as testing centers.

(Image courtesy wikimediacommons.org)

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