India to citizens: put your gold into our banks

Global Business

To reduce trade deficits ‪India‬ has had for the last 35 years, Indian Prime Minister Narendra Modi wants to try a plan that will strongly encourage Indian people and temples to take gold they’re saving privately and put it into India’s banks. An estimated 20 thousand metric tons of ‪‎gold‬ jewelry, gold coins and bars are privately held in India.


Digital Explainer: India’s Gold Monetization Scheme
Explainer: India‘s Gold Monetization Scheme

Explainer: India‘s Gold Monetization Scheme

To reduce trade deficits ‪‎India‬ has had for the last 35 years, Indian PM Narendra Modi wants to take back gold held by Indian citizens and temples. An estimated 20 thousand metric tons of ‪gold‬ jewelry, gold coins and bars are privately held in India. The Indian PM's plan aims to persuade Indian citizens to put some of that gold back into the economy by depositing it in banks.