India’s Finance Minister, Arun Jaitley, on Saturday proposed that India introduce a scheme to monetize gold and introduce a sovereign gold bond.
The proposal came while presenting the Indian government’s full-year budget on Saturday in Parliament.
Jaitley proposed that the government introduce a Gold Monetization Scheme, which included rolling out Indian gold coins and sovereign gold bonds, in an effort for the nation to reduce demand for overseas gold, The Economic Times reports.
“The Indian gold coin will help recycle local gold and cut overseas gold demand. The government will introduce Gold Monetization Scheme, Sovereign Gold Bonds and gold coins with Ashok Chakra,” Jaitley said, according to the report.
Jaitley said that the sovereign gold bond would have a fixed rate of interest.
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