In the Union Budget 2018, finance minister Arun Jailtley announced the government’s intention to formulate a comprehensive gold policy, to develop gold as an asset class. Additionally, it was announced that the Gold Monetization Scheme will be revamped to enable people to open a Gold Deposit Account in a stress-free manner. India is the world’s second-largest consumer of gold, at 666 tonnes in 2016, according to the World Gold Council. Somasundaram, managing director, India, World Gold Council, “Although the details of the policy are not known, the headline announcement is positive. The Gold Monetization Scheme however, is yet to witness a significant take-off.

Source: Mint February 04, 2018 19:07 UTC