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Indian banks doubt that gold paperization scheme will do much
India's Gold Monetisation Plan Lacks Lustre, Industry Says
By A. Ananthalakshmi and Rajendra Jadhav
Reuters
Wednesday, May 20, 2015
A proposal in India to attract thousands of tonnes of gold owned by households into a bank deposit scheme will likely fail in its current form as it does not address some key concerns for banks and consumers.
Support from banks would be crucial for the success of the monetisation plan. Deposit schemes, similar to the one proposed on Tuesday by the Narendra Modi-led government, have previously failed as the incentives offered were not profitable for banks.
The idea is to attract gold lying idle among Indian homes into the banking system. This amounts to an estimated 20,000 tonnes of gold -- or almost seven times global annual output. ...
... For the remainder of the report:
http://www.reuters.com/article/2015/05/20/india-gold-deposits-idUSL3N0YB...
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