Narendra Modi launches first-ever 'India Gold Coin', gold monetisation scheme

Modi unveiled the first ever Indian gold coin bearing the Ashok Chakra and Mahatma Gandhi's image

New Delhi:

Prime Minister Narendra Modi addressed a gathering after inaugurating the gold monetization scheme and sovereign gold bonds. Modi launched the programme to lure tonnes of gold from households into the banking system.

Here are the highlights of his speech:

How can India be poor with 20,000 tonnes of gold

If we make some effort in the right direction, we can be free of the tag

Today a big step is being taken - gold related schemes are being launched

We have come up with innovative and creative schemes

Women in India don't have anything in their name but gold

Earlier on Mann Ki Baat, Modi had said that gold coins of 5 and 10 grams with Ashoka Chakra engraved on it, and a 20 gram bullion coin will be issued.

The scheme, which was initially proposed to be introduced only in select cities, was announced in the Budget this year by Finance Minister Arun Jaitley.

\"The new scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account. Banks/other dealers would also be able to monetise this gold,\" Jaitley had said.

The proposed scheme is aimed at monetising idle gold held by households and institutions, provide a fillip to the gems and jewellery sector and reduce reliance on import of the metal over time to meet the domestic demand. Under the scheme, the bank interest to the customers will be payable after 30/60 days of opening of the Gold Savings Account.