Gold Monetization Scheme with Reference to India

Chaitanya Ch

Abstract


Gold is one of the most valuable assets in any economy. It has been used In India primarily as a form of saving by the housewives. It is used to be a money metal, and public memory tells that it is universally acceptable as a medium of exchange and is used for its ‘store of value’ function. India is one of the largest consumers of gold in the world. As there is no production in India majorly India has to depend on Imports for their gold requirement which is almost next to petrol imports. Further, it leads to outflow of foreign currency and increase the current account deficiency. By taking this into consideration, the Govt. of India (GoI) has come up with draft Gold Monetisation Scheme. In the light of the above, the current paper emphasizes the scheme which aims at mobilizing domestic holding of gold to provide more self sufficiency to Gems & Jewellery industry of India.

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ISSN : 2251-1555