Indian government calls meeting on gold monetization scheme's lack of success
Government Calls Meeting to Review Gold Monetization Scheme
By Rajesh Bhayani
Business Standard, New Delhi
Wednesday, March 9, 2016
MUMBAI, India -- Following a tardy progress in the most ambitious gold monetization scheme since its launch on November 5 last year by Prime Minister Narendra Modi, the Finance Ministry has called another meeting of all stakeholders on March 18 to discuss why the scheme is not gaining momentum.
Until February a little over 1 tonne of gold was mobilized under the scheme compared to nearly 4 tonnes of sale of sovereign gold bonds in first two tranches while the third tranche is still open.
Interestingly, at a time when jewellers are on a strike opposing imposition of excise duty in the Union budget, the government has preferred not to invite all trade bodies. Hence only Indian Bullion and Jewellers Association has been called to meeting while the Gems and Jewellery Foundation has not been invited. From the refiners' side, many representatives have been asked to attend. ...
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