The government has changed the rules after received a cool response of gold monetization scheme. The government has taken the initiative to boost the scheme. Just 400 grams gold came till 18 November under Gold monetization scheme.
The government have done these changes
The government was preparing to change its rules after received cold response Gold monetization. Such signs had already been given. Now the government has allowed refiners to deposit gold directly. Moreover , the government has softened the rules of registration of gold refiners. The government hopes that55 BIS gold purity centers will register by the end of December. The government hopes that scheme will get speed to change the rules. Jewelry Industry Representatives Had Taken Several Demand Gems and jewelry industry representatives met with economic affairs secretary Sktikanta Dass last week, and discussed ways to make the scheme attractive. Industry Associations has requested for permission from the government to BIS certified jewelers to act as collection agent for Gold monetization scheme and Finance Ministry has approved it. Currently, 13,000 are BIS certified from 3.5 million jewelers in the country. RBI Governor also gives signals “To Change” Earlier , RBI Governor Raghuram Rajan had indicated a change in the rules of the scheme. Rajan said to the reporters during a program, “Need to do some changes in the scheme to make it more attractive. Why response was not good According to industry sources, a major reason for the scheme to be launched in a hurry. Coordination which is supposed to be on bank, purity centre and government level has not yet done. People are less aware of the scheme. According to a bank officer, this scheme is for long-term goal , it would take time to catch up such a speed. Coordination is now growing in the government , banks and Hallmark industry. While seeing this, good response is expected in the coming months. What is the scheme According to the Ministry of Finance, houses , temples , Trust , has about 20 thousand tones in terms of jewelry , coins , gold bars. The government wants to bring in the gold market again through Gold monetization scheme , thereby they reducing bill import. Annually, we import anywhere between 800-900 tonnes Under the scheme people have to deposit their jewelry , coins and gold bars in the bank , which in turn will get interest on them