In a bid to rein in the gold imports and attract investors
away from physical assets, Prime Minister Narendra Modi has today launched
three schemes based on the precious metal -- Gold monetization scheme, gold
sovereign bond scheme and gold coin and gold bullion scheme.
At the launch, the prime minister said gold can be a great
tool for women empowerment and that they would be the biggest beneficiaries of
the new schemes. He also said gold bonds will be more beneficial than physical
gold.
Finance minister Arun Jaitley, meanwhile, said gold entering
the banking system will boost growth. He also said the interest earned on the
gold monetization scheme will be exempt from income, wealth and capital gains
tax.
