Poor response for Prime Minister Narendra Modis gold scheme
Posted on: 20/Nov/2015 10:27:20 AM
Two weeks ago by Prime Minister Narendra Modi launched a gold deposit scheme. This has so far attracted only 400 grammes, an industry official said on Thursday, out of a national hoard estimated at 20,000 tonnes. Modi has urged people to put gold stashed in homes and temples in the bank. . The government has also launched paper gold in the form of gold-backed bonds. Moreover the interest given in these schemes are lesser.
Anil Sankhwal, northern regional chairman of the Gem and Jewellery Export Promotion Council has mentioned that shortage of centres to assay the gold being put on deposit is a problem that the government has agreed to address. Anil Sankhwal added that only 400 grammes have been deposited so far. The government has agreed to review the scheme and open more centres for gold testing and depositing in banks.
A Finance Ministry official said the government had agreed to increase the number of testing centres and refineries involved in the scheme. There are 29 testing centres and four refineries currently accredited to it. The number of testing centres will increase to 55, and refineries to 20, by the end of the year
