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Jul 18, 2017
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Gold monetisation scheme: FinMin clears auction policy to deploy stock deposited by people that were lying idle
Gold stocks worth over Rs 2,000 crore, held with banks under the monetisation scheme, could soon be sold to jewellers, as the finance ministry has approved an auction policy for this purpose, sources told FE. This marks the complete rollout of the gold monetisation scheme launched by Prime Minister Narendra Modi in November 2015 to reduce imports and curb trade imbalance.In the absence of an auction policy, stocks deposited by people under the gold monetisation scheme were lying with the banks.According to the policy, the gold received from people for medium and long-term deposits will be auctioned by the agencies notified by the government and the sale proceeds will be credited to the government’s account held with the Reserve Bank of India (RBI). Only when the gold stocks are sold to jewellers through auctions, imports will ease proportionately.
Source -
http://www.financialexpress.com
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