Over 3K calls received on toll free number on gold schemes: Shaktikanta Das

Says the scheme is expected to do very well because currently it is under implementation throughout the country

The government today said the gold schemes have generated good response and as many as 3,000 calls were received on the toll free number.

"The Prime Minister launched three schemes yesterday and we have to wait and see the response to these schemes. But I can mention that the toll free number which has been opened, we have been getting large number of calls.

"Yesterday, we got almost more than 3,000 calls... So there is a lot of interest," Economic Affairs Secretary Shaktikanta Das told reporters.

He was speaking at the sidelines of 6th Delhi Economics Conclave.

He said that the interaction with the implementing banks both in the public and private sector also shows that there is a considerable interest among the investors.

"Gold bond scheme is expected to do very well because currently it is under implementation throughout the country. Almost all the branches of banks are implementing it. So the network is very widespread," Das said.

With regard to the gold monetisation scheme, he said facilities will be extended in phases to cover the whole country.

"Currently, we have started with about 32 assessing centres. That is the centres where the purity of the gold will be measured than the gold also needs to be locally melted so therefore gold monetisation scheme will be rolled out in phases and it will done within the next few weeks," he added.

The Secretary said the gold bond scheme is expected to receive "very good response and our initial sense is that it is getting very good response".

When asked about concerns that why would anyone leave their gold and put it in government schemes, Das said that while launching the schemes, the Prime Minister and the Finance Minister have explained in great detail the advantages of going for financial savings instead of gold savings.

He said people have the habit of keeping gold as a security instrument, "but if you look at it... How many people do actually sell the gold in the time of distress. Its hardly any.

"Almost 99 per cent of people do not sell the gold in distress and there is this saying that 'difficulty is not with new ideas, the difficulty is giving up old ideas'. So yes, we value gold culturally but I think the country is witnessing lot of change.

"I think, the average Indian will move to financial instruments of saving and move from gold," he added.

Prime Minister Narendra Modi yesterday launched a scheme to channelise gold worth over Rs 52 lakh crore lying with households into the banking system and floated paper bonds to curb its imports that have made India the largest buyer of gold in the world.

On inflation, he said the general expectation is that it would go down.

Prices of pulses had shot up but with the arrival of the new stock expectations are that the rates would go down, he said.

"Our outlook about this year is that inflation would be low. To resolve supply side constraints, the government has initiated several measures. So the expectation is that, the inflation will continue to be low," he added.