Prime Minister Narendra Modi today Thursday Nov 05,2015 launched three ambitious schemes -Gold Monetisation Scheme, Sovereign Gold Bonds Scheme and Indian gold coin to
reduce the physical demand for gold and fish out 20,000 tonnes of the
precious metal worth $800 billion lying idle with households.
The Gold Monetisation Scheme (GMS), 2015, will offer resident Indians
option to deposit their precious metal and earn an interest of up to 2.5
per cent, while under the Sovereign Gold Bonds Scheme, investors can
earn an interest rate of 2.75 per cent per annum by buying paper bonds.
Prime Minister Narendra Modi also unveiled the first ever Indian gold coin and bullion, bearing
the national emblem, Ashok Chakra on one side, and Mahatma Gandhi’s
image engraved on the other side.
Initially the coins will be available in denominations of 5 and 10 gm. A
20 gm bullion will also be available through 125 MMTC outlets.
Speaking on the occasion, Prime Minister Narendra Modi said India has surpassed China as the
world’s largest gold consumer, buying 562 tonnes of yellow metal so far
this year, against China’s 548 tonnes.
“People should take advantage of the golden opportunity to help India march to a golden period,” he said.
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