More than 900 kgs of gold mobilised under monetisation scheme

The central government has mobilised more than 900 kgs of gold under its gold monetisation scheme, a senior official said on Saturday.

"Gold Monetisation Scheme: More than 900 kgs gold mobilised so far. Scheme making steady progress. Expected to pick up in coming months," Shaktikanta Das, secretary economic affairs, Finance Ministry, tweeted.

The central government had launched the gold monetisation scheme on November 5, 2015 to convert jewellery and other yellow metal assets with people into interest-bearing deposits.

According to the World Gold Council, an estimated 22,000-23,000 tonnes of gold is lying idle with households and institutions in India. The annual imports amount to around 850-1,000 tonnes valued at $35-$45 billion.