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Indian government keeps trying to paperize its people's gold

Section: Daily Dispatches

Inter-Ministerial Group to Meet on Making Gold an Asset Class

By Ram Sahgal
The Times of India, Mumbai
Monday, April 8, 2019

MUMBAI, India -- India will hold a top ministerial meeting early this week on giving gold the status of an asset class, a move that seeks to reduce the dependence on imports by boosting the circulation of an estimated 25,000 tonnes of the metal lying locally in jewellery or coin forms.

The status of an asset class would give Indians the opportunity to capitalise their gold and make it as liquid as the stock of a listed company. The government is working on having an India gold delivery standard, similar to gold that’s certified by the London Bullion Market Association, the world's standard setter for the metal.

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The meeting is scheduled to be held in New Delhi, two persons aware of the development said. The Bureau of Indian Standards would play a key role in making gold an asset class, said one of the persons.

Residents holding gold jewellery or coins would be able to get these melted into .995- or .999-purity bars by accredited refiners, who would issue a certificate to them bearing the title of goods, purity, and serial number embossed on the bars, which can be traced to their owner. ...

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