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Indian government may not ask questions about gold submitted for paperizing

Section: Daily Dispatches

Government to Make Gold Monetisation Scheme Attractive Before Launch

From the Deccan Herald
Bangalore, India
Monday, September 28, 2015

In a bid to make the much-awaited gold monetisation scheme more attractive, the government may do away with the requirement of receipt of purchase for ancestral gold. The same rule may also apply to temple and trust gold, which is estimated to be in huge quantity.

The Union Cabinet had earlier this month approved the scheme. The idea behind mobilising gold held by households and institutions in the country is to put the precious metal into productive use.

The long-term objective is to reduce the country’s reliance on the import of gold to meet domestic demand.

According to the original draft scheme required a depositor to show the purchase receipt of gold besides filling up a KYC form before giving away their gold for melting. But tonnes of gold lying with Indian households has been passed on from generation to generation which does not have any proof of ownership.

“We are trying to make the scheme less cumbersome so that more and more people come forward to deposit their household gold. It is possible that gold passed on as heritage from generations may not have any proof of purchase,” a senior official said.

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