Prime Minister Narendra Modi addresses the nation through his monthly radio programme, Mann ki Baat.
The Gold Monetisation Scheme will be available to the nation in the coming weeks, Prime Minister Narendra Modi said today on his monthly radio address to the nation, Mann ki Baat. The scheme, along with a few others, could be in place before Dhanteras ahead of Diwali -- when it is considered auspicious to buy gold -- he indicated.
"Gold can be converted from dead money to a living force. This is what we want to do and I seek your support," he said.
On the occasion, he also said India will mint its own gold coins which will carry the Ashok Chakra emblem. The coins will be of 5 gm and 10 gm in weight. Besides, India will also introduce its own gold bullion. "It has been 70 years after Independence and still we are using foreign minted gold coins and bullion. Why can't we have our own?" he said, adding this too, will be done before dhanteras.
Yesterday, the Reserve Bank of India issued norms for implementation of the gold monetisation scheme, under which customers can deposit their gold in banks and earn interest on it.
The minimum deposit required will be 30 grams of the precious metal of 995 fineness. It could include raw gold in the forms of bars, coins and jewellery, excluding stones and other metals, the RBI said.
There is no maximum limit for deposit under the scheme.
On maturity, the principal on maturity and interest will be linked to the prevailing price of gold at the time. The depositor will have the option to take gold or equivalent rupees.
The scheme is meant to mobilise part of the estimated 20,000 tonnes of gold held by Indian homes and institutions and reduce India's reliance on the import of gold.
The Cabinet had approved the scheme last month.
The Prime Minister's address was broadcast today after the Election Commission cleared it in the wake of model code of conduct imposed in Bihar.
The EC had taken up the matter following a complaint by Bihar's anti-BJP alliance. Sources in the EC said it has not found any violation of model code in PM Modi's previous episode of the programme aired in September.