Economy

Let’s convert gold from ‘dead money’ to ‘living force’: Modi

Aditi Nigam New Delhi | Updated on January 23, 2018

modi

Gold monetisation scheme may be announced ahead of Diwali

The government may announce a gold monetisation scheme, along with other development plans, ahead of Diwali, Prime Minister Narendra Modi said on Sunday.

“Nobody can diminish the love for gold in our society, but gold lying around like ‘dead money’ doesn’t bode well in today’s era… it can be a source of economic strength for the country. And every Indian should contribute to making it the country’s prized economic asset,” said Modi in his monthly Mann Ki Baat radio broadcast.

Exhorting people to convert gold from being ‘dead money’ to a ‘living force’ by depositing it in banks, Modi sought support from the people for the scheme, adding that they can derive two benefits — security for their gold and interest from deposits.

Swadeshi coins

The Prime Minister also announced that a gold coin with the Asoka Chakra emblem will be introduced next week, before Dhanteras, when buying gold is considered auspicious. “It has been close to 70 years since Independence, but we are still using foreign coins or bullion bars,” he said, adding that the country would now have “ swadeshi” coins. The coins will weigh 5 gm and 10 gm, and the bullion bar, 20 gm. “I am confident the new scheme will take us forward on the path of economic development,” he said.

Modi also spoke on the significance of the India-Africa Foreign Summit, and highlighted some success stories of the Adarsh Gram Yojana.

Modi ended his broadcast by speaking about his forthcoming UK visit, saying he was excited about BR Ambedkar’s house in London, which is “set to become the property of 125 crore Indians”.

Modi’s address was broadcast after the Election Commission overruled objections of the Congress, Rashtriya Janata Dal and the Janata Dal (United) to it in view of the model code of conduct being in force in Bihar.

Published on October 25, 2015

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