Recently a meeting was held under the chairmanship of Secretary of Economic Affairs Shaktikanta Das to review the progress of gold related schemes. Goverenment announced that the trading in gold bonds will begin by month end. "On the Sovereign Gold Bond Scheme, it was discussed that tradability of the bonds will be started by the end of May and fourth tranche of the SGB will be launched soon," a Finance Ministry statement said.
To help the government achieve its aims relating to the Gold Monetisation Scheme (GMS), it was decided that the banks shall be asked to put concentrated efforts on mobilising more gold in the country. Prime Minister Nrengra Modi had launched these schemes under which Short term bank deposit and Medium and long term deposit were able to collect a total of 2,891 kgs.
Economic Affairs Secretary also asked banks to increase the number of tripartite and bipartite agreements with CPTCs and refiners. He told the Banks and Indian Bankers' Association to bring in eligible jewelers to act as Collection and Purify verification centres (CPTCs) in the GMS , importantly in areas where CPTC's presence is negligible. A practical approach while asking for guarantees or collaterals from CPTCs is also expected from the banks. A government supported media campaign shall also be designed by IBA in association with the World Gold Council.