Home > News > Industry News > India gold monetization schemes
News
Industry News
Company News
Contact Us
Email:john@bzshow.net                     
Whatsapp/wechat:+8613927492609
Contact Now
Customer Comment
  • England customer
    Thank you for the Happy New Year, I am happy to do business with you, Hanna has helped me a lot and you should be proud to have such a good employee. There is lots of business this year to go through so as soon as my client starts giving me instructions I will be in touch with Hanna. Thank you for the gift, it was really thoughtful of you and I will be using it as my lucky pen this year. Speak soon Kind regards
  • A very, very, nice box!
    I could not be happier. The boxes are perfect. Better than I imagined. Thank you all so much. Sincerely yours,
  • Thanks for your care and attention
    Your service was excellent and I was very impressed with your high level of professionalism☺. All my very best wishes, and once again many thanks for your care and attention. Kind regards,
Latest News
Certifications

India gold monetization schemes

India gold monetization schemes

Josephine wang Yadao 2014-09-06 16:22:18

India's largest corporate alchemists MMTC-Pamp (Pamp minerals and metals trading company) believes that gold should be considered as a currency. The organization aims at providing a gold account program to help small-scale gold consumer retail store and melted gold and earn interest.

In order to reduce the national gold supply shortage situation, India witnessed a serious balance of payments current account deficit (abbreviated CAD) and gold imports too high. Therefore, the organization raised gold monetization program (referred to as GMS).


The program ensures that gold store with money saved in the bank, as you can earn interest.

MMTC-Pamp's general manager, Rajesh Khosla in Mumbai explains the plan: The plan will be gold as currency.

Khosla said the program also can be seen as a solution: How to 20,000 tons of idle people in India in the gold lead out.

Khosla said, and has a savings deposit account, you can have a metal savings account, the account exists in the form of fixed deposits, the bank will offer different interest rates. Because of the interest earned on gold is tax-free, so this is one of its major advantages.

Under the GMS program, consumers want to save a minimum of 40 grams of gold in the bank, and deposits as the same. After the expiry of the deposit, the depositor can get back the principal and get some extra interest.

For banks, GMS proved to be a win-win solution, gold can be used as part of the bank statutory reserves, but also in line with the provisions of the Indian central bank.