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Norms relaxed as only 400 gm gold deposited

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In the fortnight since the gold monetisation scheme was launched, only 400 gm gold has been deposited and with only one bank, as no other bank had tripartite agreements with hallmarking centres and gold refiners. Now, the finance ministry and the Bureau of Indian Standards ( BIS) are simplifying the administration of the scheme to get it moving.
In contrast, the response to gold bonds and coins has been much better. A government source said retail investors had applied for Rs.100 crore worth of bonds and 6,000 gold coins had been sold.
The gold monetisation scheme, bonds and coins were launched on November 5 by Prime Minister Narendra Modi, to reduce bullion imports and mobilise 22,000 tonnes of idle gold in the country.
In a meeting with gold refiners and hallmarking centres on Thursday, finance ministry and BIS officials allowed refiners with only one year’s track record to sign up for the scheme. There were 18 gold refiners in the country in 2014 and their numbers have climbed to 32 now. The BIS has certified five refiners so far, but by December, once the norms are relaxed, 20 refiners are expected to be certified.
Business Standard, New Delhi, 20h Nov. 2015

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