India jewellery association to help mobilise 1500 tons of unused gold in households
The All India Gems and Jewellery Federation (GJF) launched the Rashtriya Swarna Nivesh programme at its 8th Anual General Meeting recently. The scheme is meant to bring the idle gold back into ciruculation.
Mr. Ashok Minawala, Past Chairman, GJF, said, "The Rashtriya Swarna Scheme can be a pioneering initiative to help the Indian Government’s national agenda of reducing import of gold and discovering alternative sources of gold. Eligible jewellers will work as nominated agents of the Bank and will help collect unused and idle gold from households and temple trusts. In three years, we can help mobilise 1,000 to 1,500 tonnes of unused/ idle gold and make India free from importing gold for domestic consumption. Customers can deposit their unused/ idle gold on the spot and the gold is held in their demat accounts while they continue to earn interest in gold or rupee terms."