INDIA July 21 2017 3:25 PM

MUMBAI (Scrap Register): MMTC is looking forward to start the process for auctioning Gold collected under the much controversial Gold monetisation scheme (GMS), this move is after the government asked MMTC to proceed with the process, Business standard reported.

It is estimated that over 7 tons of Gold has been collected under GMS scheme and of that around 6 tons is expected to be auctioned by MMTC which is valued at Rs 1700 crore at current prices.

"MMTC will soon initiate the process for auction and it will take about three weeks to conduct the auction. The release of Gold to the market will help reduce import dependency to that extent," an MMTC official quoted to Business Standard.

As per the policy norms the Gold acquired from the Gold monetisation scheme from people and temple trusts will be auctioned by the government notified agency and the payoffs will be credited to the Reserve Bank of India's account managed by the government.