Govt to take advantage of gold and foreign exchange reserves
Domestic gold and foreign reserves are pledged to print more currency. Government sources indicated that the bank is planning to print more notes on this.
It is known that gold is being collected from houses through banks without disclosing the source. The World Gold Council estimates that 25,000 tonnes of gold is stored in homes across the country.
The government had already implemented the Gold Monetization Scheme but it was not successful. This is a scheme wherein a minimum of 30 grams of gold can be deposited with the bank and interest earned. Maximum number of grams to be invested. The government plans to make a similar plan.