Soon, MMTC to auction Rs 1,700 cr worth of gold from monetisation scheme

Of the 7 tonnes of gold collected under GMS, 6 tonnes are slated to be auctioned

The government has given its green signal to MMTC to begin the process of auctioning gold collected under the much-hyped and poorly responded-to gold monetisation scheme (GMS). So far, over 7 tonnes of gold is estimated to have been collected under the scheme. Of that, MMTC is expected to auction 6 tonnes, valued at Rs 1,700 crore at current prices.

The Union finance ministry has cleared the auction policy. Indications are that the 6 tonnes of gold, mostly collected from temple trusts and households, will be available to MMTC for auction. "MMTC will soon initiate the process for auction and