gold monetisation

The government has firmly refuted widespread rumors about a plan to monetize gold held by temples and religious institutions. Asserting that such claims are "completely false" and "without any basis," officials clarified that no scheme is being prepared to convert temple gold into bonds or designate it as "Strategic Gold Reserves.

Facing a widening trade deficit, India's Prime Minister urges reduced gold purchases. Industry bodies propose tapping into the nation's vast household gold reserves. Their plan involves using refined household gold for domestic demand and channeling imported gold into jewellery exports via gold metal loans, aiming to boost working capital and cut imports.

India's jewellery industry urges against curbing gold purchases, emphasizing its cultural significance as savings and tradition. Instead, they propose enhanced gold recycling and domestic mobilization to ease foreign exchange pressure. This approach aims to protect millions of livelihoods tied to the sector, from artisans to small businesses, by circulating existing gold rather than stifling demand.

We have had time to prepare for the challenges we may face now with the conflict in West Asia. But we didn’t get our house in order. Hopefully, there is still time to do the heavy lifting and rise to PM’s appeals

India holds one of the world’s largest privately owned stocks of gold. Bullion exchanges can be a strong pillar to invite that gold sitting idle in cupboards.

The important detail, of course, is that this was not just whiskey. It was Kash Patel whiskey, or at least whiskey transformed into a Kash Patel object, reportedly engraved with “Kash Patel FBI Director”, an FBI-style shield, an eagle, his signature and the number 9, presumably a reference to his place in the line of FBI directors.

Piprahwa relics are welcome back in India. But it may alter the architecture of restitution – India invoked their return as a right, but the relics returned as part of a private collection on loan to govt

Seeking to mobilise gold held by households and institutions, government on Tuesday came out with a draft scheme under which a person or entity can earn interest by depositing the metal with banks.

Indians love gold. Almost every household purchases gold on festive occasions, even if a small quantity. Over the last few decades, household stock of gold has piled up significantly. To put this asset to productive use and help reduce India’s dependence on gold imports, government introduced the gold monetisation Scheme (GMS) in 2015.

Indian Institute of Management-Ahmedabad's (IIM-A) India Gold Policy Centre (IGPC) conducted a workshop in Mumbai on Tuesday, involving key stakeholders to seek their opinions on gold monetisation in India.

The decision was taken during the recently held meeting of trustees at Modi's residence in Delhi on January 12, said the trust secretary P K Lahiri, who is also one of the trustees of the Somnath Temple, situated in the Gir-Somnath district.

The Siddhivinayak temple - one of India's richest shrines - has decided to move 40 kg of its gold reserves to the government-sponsored gold monetisation Scheme. This is likely to earn the temple nearly Rs 69 lakh in annual interest.

Government today said Gold Bond scheme got overwhelming response from retail investors with 63,000 applications amounting to Rs 246 crore, while the gold monetisation scheme, which has so far witnessed a "slow response", has been tweaked.

The Reserve Bank on Thursday said premature redemption under the gold monetisation Scheme will be payable in rupees, while on maturity the depositor may choose to opt for physical gold.