Gold Deposit Scheme with minimum Deposit of 40 grams
The gold imports of India could reduce by 250 tonnes a year if the government does re-launch a gold deposit scheme and mobilizes at least one percent of the estimated 25,000 tonnes of idle gold stock with Indians. According to the present gold scheme, many households were not satisfied because it required a compulsory minimum deposit of 500 grams. This scheme is only advantageous for temples and trusts.
Due to the fact that many households are not benefiting from the current gold deposit scheme, a need for re-launching of a gold deposit scheme with just a minimum of 40 grams of gold deposits is imminent.
MMTC Pamp Managing Director Rajesh Khosla has stated that they would re-launch a gold deposit scheme. He has further stated that by mobilizing one percent of the estimated 25,000 tonnes of idle gold stock, India will be able to decrease the imports by 250 tonnes a year.
The company has put forth a proposal for a minimum gold deposit of 40 grams after they conducted a survey of 5,000 household across the country. Rajesh Khosla stated that the RBI has stated that the proposal looks okay and that the company is now waiting for the notification.