GOLD MONETISATION

GOLD MONETISATION

                  

            Gold monetization is a scheme in which gold will be traded and it turned into money. According to the scheme it would allow people to deposit gold with banks and redeem it at the end of the tenure at the price prevailing then. They will also get an interest on the deposit.

                  Though it is an important step to reduce the import of gold in the country but it has some issues which need to be addressed. Under gold monetization scheme bank will not accept jewellery they only accept gold in the form of coins and bars. So household jewellery are need to be melted before it come into the scheme. But at present there is not enough infrastructure in the country to handle this.