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The proposed gold coins with the Ashoka Chakra will encourage recycling of gold among domestic consumers and give a fillip to Make in India, T.S.Kalyanaraman, Chairman and Managing Director, Kalyan Jewellers has said.
According to him, the acknowledgment of gold consumption with the introduction of the gold monetisation scheme is an encouraging initiative and it will help convert the physical asset to a liquid financial asset.
The resolve of the Government to discourage cash-based transactions augurs well. However, the implementation will have to be in a phased manner considering the fact that a significant class of consumers of gold and jewellery, especially in rural areas, may not have a PAN card and are yet to be integrated into the banking network.
This move may trigger more purchase from the un-organised sector leading to a loss to the exchequer. Therefore, it is imperative that the Government should introduce a stringent implementation framework which ensures compliance, he added.
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