Banks will get more money for gold plan
The government has brought changes in gold monetisation scheme to make it more popular among masses.
New Delhi: The finance ministry on Sunday said that the government will pay banks a 2.5 per cent commission for mobilising gold under the gold monetisation scheme and depositors will be permitted premature withdrawal of the deposited metal.
The government has brought changes in gold monetisation scheme to make it more popular among masses.
The government has already mobilised 900 kg of gold in over two-and-a-half months time through the scheme.
The scheme has been launched to recycle the idle gold lying with the households to markets so as to reduce its import which impacts the current account deficit India imports about 1,000 tonnes of gold every year and the precious metal is the second-highest component of the imports bill after crude oil. An estimated 20,000 tonnes of gold are lying with households and temples.