He said that as per the scheme, standard gold certificates for 10 grams and 100 grams each will be issued against gold deposited by investors.
The certificates will be easily transferable by endorsement like promissory notes and the financial institutions or the Association will be bound to return the gold against them on demand.
He added that such certificates avoid the risk in physical possession of gold either at home or on person.
Besides, the certificates will also be easily transferable and will not be subject to octroi and sales tax. Since gold is an investment commodity and also a means of savings, it will be of great help to the public to invest in this risk-free financial instrument.
BBA has also requested the government to extend the Gold Bond Scheme, which expires in 1998, for some more years. clude virtual="/incs/bottom.inc"-->
