India wants people to turn in their gold

‘India’s Prime Minister Narendra Modi has launched a program to lure tons of gold from households into the country’s banking system. The program consists of three schemes; a gold monetization scheme, gold sovereign bonds and Indian gold coin.

The gold monetization scheme aims to unlock about 20,000 tons of gold worth over $800 billion lying idle in homes and temples. Under the plan, banks will collect gold for up to 15 years and pay 2.25-2.50 percent interest per year. This is higher than previous rates of around one percent. The government hopes that higher interest rates will help in mobilizing the gold as previous attempts have been unsuccessful.’

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