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ECONOMY
GOVT. MOBILISES 900 KG OF GOLD UNDER MONETISATION SCHEME
February 5, 2016
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1.The government on Saturday said it had netted a hefty 900 kg of idle household and temple gold under the monetisation scheme and is hopeful that the number would rise further in future.

2.The Gold Monetisation Scheme, which had not picked up initially, was fine-tuned to make it more attractive and convenient to encourage entities holding idle gold to participate in the scheme.

3.Under the monetisation scheme, launched on November 5, banks were authorised to collect gold for up to 15 years to auction them off or lend to jewellers from time to time.

4.Depositors will earn up to 2.50 per cent interest per annum, a rate lower than savings bank deposits.

5.Currently, there are 46 Assaying and Hallmarking Centres which are qualified to act as Collection and Purity Testing Centres (CPTC) for handling gold under the gold monetisation scheme.