Make jewellers partners in gold deposit scheme

The number of places where gold can be tendered is limited and the staff there is ill-trained, making the scheme a non-starter

You may read this article after Budget 2021 is announced, but please remember that it was written before that. This Budget is widely expected to have a strategy for harnessing the private stock of 25,000 tonnes of gold worth around Rs 125 lakh crore sitting in Indian households and various private entities. The existing gold monetisation scheme has garnered a meagre 20 tonnes, which is less than 0.10 per cent of the existing stock of gold. Despite a big fall in gold imports in 2020, India continues to be among its top importers in the world. The import of the