Prime Minister Narendra Modi today launched India’s first-ever gold coin and inaugurated two gold related schemes, including the gold monetisation scheme, aimed at luring tonnes of unused gold from households into the banking system.
“20,000 tonnes of gold is just lying unused. That is the reason we are poor,” he said and added that “If we make some effort in the right direction, we can be free of this tag.”
Under the gold monetisation scheme, people can deposit a minimum of raw gold (bars, coins, jewellery excluding stones and other metals) equivalent to 30 grams. There is no maximum limit for deposit under the scheme.
The aim of the scheme is to tap unused gold in private possession, bank lockers and deposit boxes lying idle. This will raise bank deposits and help them generate more liquidity.
The PM also unveiled the first-ever Indian gold coin with the National Emblem Ashok Chakra engraved on one side. These gold coins will be available in denominations of five and 10 grams.
A 20 gram gold bar will also be available. Initially, 15,000 coins of five gm, 20,000 coins of 10 gm and 3,750 Gold bullions will be offered.
