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Muted response to gold scheme likely

Muted response to gold scheme likely
Highlights

Prime Minister Narendra Modi will on Thursday launch a programme to lure tonnes of gold from households into the banking system, but low returns and concerns over tax authorities hounding depositors may hinder a scheme aimed at cutting imports.

New Delhi: Prime Minister Narendra Modi will on Thursday launch a programme to lure tonnes of gold from households into the banking system, but low returns and concerns over tax authorities hounding depositors may hinder a scheme aimed at cutting imports.

India's obsession with gold is rivalled only by China, with the metal used widely in wedding gifts, religious donations and as an investment.

The country has amassed about 20,000 tonnes of gold worth over $800 billion in family lockers and temples.
Previous attempts at mobilising this gold have been unsuccessful.
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