In a bid to further cut down on imported gold, Finance Minister Arun Jaitley said the government will introduce India-made gold coins. These will be branded with Ashok Chakras, Finance Minister Arun Jaitley said today.
In a bid to monetize gold through securitization, the FM also said that the government was proposing to develop a gold bond. This would likely be similar to gold funds or e-gold schemes where returns would track the price of the yellow metal.
The FM, however, stayed away from cutting import duties on gold, currently at a high 10 percent. The duty was upped in order to curb imports when the government was going through a current-account crisis a few years ago but of late there were reports the curb may relaxed after gold imports eased in the past few quarters.
The RBI, however, did recently do away with the 80:20 scheme that required gold