NEW DELHI: Prime Minister Narendra Modi on Thursday launched three ambitious gold schemes aimed at reducing physical demand for gold and bringing tonnes of households gold lying idle into the banking system. The three schemes that Modi launched are Gold Monetisation Scheme (GMS), Sovereign Gold Bond Scheme and Indian Gold Coin.
Speaking after launching the schemes, the Prime Minister said that India has no reason to be described as a poor country, as it has 20,000 tonnes of gold. He said the gold available with the country should be put to productive use, and these schemes show us the way to achieve this goal.
Describing the schemes as an example of sone pe suhaaga (icing on the cake), the Prime Minister said people should take advantage of these plans and help in nation building.
The Prime Minister said gold has often been a source of women’s empowerment in Indian society, and these schemes will underscore that sense of empowerment. Highlighting the great bond of trust that the goldsmith families enjoy in India, Modi said that once the goldsmiths of India gain familiarity with the schemes, they could become the biggest agents of these schemes.
Speaking on the occasion, Finance Minster Arun Jaitley said it is essential to discourage gold imports and the bond scheme is expected to lower demand for physical gold.