Recycling Tradition: The Gold Monetization Scheme In Contemporary India
Meera Shashank Deshmukh
Faculty Member, Symbiosis Centre for Management Studies, Pune, India
Abstract
India’s love for gold is well well-known and recognized. The country shares a unique relationship with gold that is both complex as well as enthralling. Gold in India finds universal acceptance across jewelers, traders and investors offering instant liquidity. It acts as a store of money and is sometimes used to park unaccounted money. The Gold Monetization Scheme was launched on 5th November, 2015 by the Prime Minister of India Mr. Narendra Modi. The scheme is designed to help you earn interest on your unused gold lying idle in bank lockers. The Gold Monetization Scheme is basically a new deposit tool to ensure mobilization of gold possessed by various families and institutions in India. It is expected that the scheme would turn gold into a productive asset in India. This new gold scheme is a modification of the existing Gold Deposit Scheme (GDS) and Gold Metal Loan Scheme (GML), and it would replace the existing Gold Deposit Scheme, 1999.