Pursuits
India's Modi Moves Closer to Tapping Gold Hoard to Cut Imports
- Banks to accept gold deposits and pay interest to investors
- Indian households, temples hold about 20,000 tons of gold
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India moved a step closer to selling gold-backed bonds and allowing banks to tap idle jewelry and bars held by households and temples to cut reliance on imports.
Prime Minister Narendra Modi’s cabinet on Wednesday approved the gold monetization plan and sale of sovereign bonds by the Reserve Bank of India, the government said in a statement. The plans were first announced by Finance Minister Arun Jaitley in February as measures to woo Indians away from physical gold.