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The following summary is from the programme “Weekly Current Affairs” aired on 6th November, 2015 on All India Radio. For those who didn’t understand the modalities of the new gold schemes that were launched recently, this discussion will make it clear. Click here for audio.
The Government has recently launched 3 new schemes to reduce the physical demand for gold
It is estimated that in India, about 20,000 tonnes of gold is lying idlein individual houses, temples, bank lockers and such other places. This amounts to 800 billion USD; and some other estimates put it at 52 lakh crore. Traditionally, gold has been held by people for the purpose of ornamentation, as an investment option, and as a hedge against inflation.
Advantages of these schemes
Gold related statistics
Gold Deposit Scheme Vs Gold Monetisation Scheme
Concerns/Challenges