India needs own Gold standards to make GMS successful

INDIA November 10 2016 5:28 PM

MUMBAI (Scrap Register): India needs it’s own Gold standard to make the Gold monetisation scheme (GMS) a success, as per industry officials. India had launched it’s GMS scheme in the country a year before and has seen tepid response for this.

An agreement that has been signed between Government of India Mint, Council of Scientific and Industrial Research (CSIR) and Bhabha Atomic Research Centre (BARC) last week is expected to push the GMS further in the country.

GMS has not taken off due to lack of policy initiatives from the government and banking regulatory authorities GMS has not fully been a success, says secretary of Association of Gold Refineries and Mints. The scheme was aimed at reducing Gold imports and mobilizing idle domestic Gold in the country and he suggests a top down strategy to ensure the success of the scheme.