Efforts on to revive Gold Monetisation Scheme

Options being discussed over reluctance of banks and loans from GMS deposits

All-out efforts are being made to revive the Gold Monetisation scheme, which failed to take off since its launch two years ago.

The aim of this scheme was to mobilise “idle gold” with households, estimated by the World Gold Council at 25,000 tonnes or almost half the value of this country’s gross domestic product. However, the scheme has not even attracted 10 tonnes since the launch in November 2015. Even this has mostly been from temples, not homes.

Suggestions on how to revive it are being discussed by a panel formed by the Niti Aayog. These include involving jewellers as collection centres,