Gold monetisation scheme, two others launched by Prime Minister Narendra Modi

New Delhi(PTI): Prime Minister Narendra Modi has launched three gold related schemes in New Delhi on Thursday, ahead of the festive season.

Prime Minister Narendra Modi

Modi has launched gold sovereign bonds, the gold monetisation scheme, and the Indian gold coin.

Finance Minister Arun Jaitley, who was present at the event, said that saving money for a rainy day as been a part of the traditions of this country. He said, gold has always been attractive to India, which isn’t restricted to only jewellery but also extends to raw gold.

While launching the gold related schemes, Modi said that the scheme was decided in the previous Budget, and the target was set for Dhanteras. He added that in India, Dhanteras is considered more important that weddings. He said, maximum import of gold may have taken place during this time, as people were expecting a huge market to open up.

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Modi said that India imports 1,000 tonnes of gold every year, which remains idle. He said that there is a need to convert India’s 20,000 tonnes of gold into a national strength.

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There is a need to create a mechanism to convert all this gold into a national strength, Modi said.