6,410 kg gold mobilised under Gold Monetisation Scheme: FinMin

As much as 6,410 kg gold has been mobilised under the Gold Monetisation Scheme so far, according to the reports received till February 18 this year, Parliament was informed on Friday.

"Till February 18, 6,410 kilogram of gold has been mobilised under the (Gold Monetisation) Scheme," Minister of State for Finance Arjun Ram Meghwal said in a written reply in the Lok Sabha.

So far, seven tranches of Sovereign Gold Bonds have been issued.

The government launched the Sovereign Gold Bond Scheme in November 2015 as an alternative to purchasing metal gold.

The scheme intends to reduce the demand for physical gold and mobilise the idle gold held by households and institutions in the country and to put this gold into productive use in the long run.

This will help reduce the current account deficit by reducing the country's reliance on the imports of gold to meet the domestic demand.

--IANS

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