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India plans 'gold savings accounts' to reduce demand for real metal -- and thus its price
How stupid does the government think its people are? Comprehensively stupid.
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Gold Savings Accounts Likely to Check Widening Current Account Deficit
By Sutanuka Ghosal
The Times of India, Mumbai
Saturday, January 22, 2022
The government may announce gold savings accounts in the upcoming Budget as a means to discourage the purchase of the metal in its physical form, as it seeks to put a check on widening current account deficit, banking and trade sources said.
Customers can open such gold accounts in banks and put in money on a regular basis, the sources said. They can withdraw the deposit at the prevailing gold price at any time, they said. This is expected to reduce the demand for physical gold as an investment.
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It is likely that the gold savings will also get interest, just like the sovereign gold bond. The yearly interest on the sovereign gold bond is 2.5%. The government may also come up with a regulatory framework for digital gold.
India meets most of its annual requirement of 800-850 tonnes through imports. Gold imports, which have a bearing on the current account deficit, more than doubled to $38 billion in April-December this fiscal year.
Bankers have discussed the matter with the government, the sources said.
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