More than 900 kgs of gold mobilised under monetisation scheme: Centre

The Government on Saturday said that over 900 kilograms of gold have been mobilised so far under the Gold Monetisation Scheme.

"Gold Monetisation Scheme: More than 900 kgs gold mobilised so far. Scheme making steady progress. Expected to pick up in coming months," Economic Affairs Secretary Shaktikanta Das tweeted.

The scheme, which had not picked up initially, was fine-tuned to make it more attractive and convenient to encourage entities holding idle gold to participate in the scheme.

Under the Monetisation Scheme, launched on November 5 last year, banks were authorised to collect gold for up to 15 years to auction them off or lend to jewellers from time to time. Depositors will earn up to 2.50 per cent interest per annum on it.

Currently, there are 46 Assaying and Hallmarking Centres which are qualified to act as Collection and Purity Testing Centre for handling gold under the scheme. India imports about 1,000 tonnes of gold every year and the precious metal is the second-highest component of the imports bill after crude oil. An estimated 20,000 tonnes of gold are lying with households and temples.