According to official data, in mid-June, about 3,000 kg of gold was placed in banks under the gold monetization scheme (Gold monetisation scheme, GMS) in India, reports Business Line.
The temples in India have become major contributors to the scheme, and 22 of the temple trust have 1584 kg of gold, and the organization of Tirumala Tirupati Devasthanams (TTD) has made 1311 kg of gold from the total, placing it in April, the bank Punjab National Bank.
"The scheme developed, and we expect that more people will invest gold in banks, because they see the advantage of such a strategy, we have tried to alter the scheme so that it would meet the requirements of investors." - said a senior official of the Ministry of Finance of India.
In November 2015 the Prime Minister of India, Narendra Modi signed the law on monetization scheme of gold and gold sovereign bonds to meet the domestic demand for the precious metal and reduce the trade deficit.
It is expected that due to the gold monetization scheme is able to mobilize about 20 000 tonnes of the precious metal stored in households without India's participation in the economy. The scheme aims to encourage organizations and individuals to store gold guaranteed by the government and receive a regular income.
However, in order that the scheme has become popular among the population, it had several times to change and include in it provisions such as early repayment of medium-term and long-term deposits.
The government, which plans to release the fourth installment of the sovereign bonds of gold, has already attracted $ 198,110,000 in the framework of the three tranches of the bonds in the last fiscal year.
http://pearlgiftjewelry.blogspot.ca/