Gold Monetisation Scheme:
Some Suggestions:
I used to have my batch mate in
the SBI, retired as MD of an Associate Bank, who used to buy Rs.100 worth of
gold every month during his first ten years of service. Later, he may have
increased it to Rs.500 or even Rs.1000 a month. Such is the urge for having
gold in domestic vaults in India. South India or people from the South in the
North invariably have gold in the shape of jewelery. Every village household,
how so ever small it may be, has at least 500-1000gms of gold in the shape of
jewelery. There are certain traditionally rich families where every day in a
week has certain set of jewelery to wear for the house wife inherited from the
mother in law. Such ornaments are at least 20-30kgs. These are invariably kept
in the lockers and taken out for the festivals. This is a huge idle gold
reserve in jewelry.
