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Business EconomyPosted at: Mar 1 2015 4:42PM


Gold monetisation, an encouraging initiative: Traders

New Delhi, Mar 1 (UNI) Encouraged by the stpes taken in the budget to monetise gold, bullion taders said the move will help in converting physical asset to a liquid financial asset. Commodity traders have descirbed budget as a growth oriented and would the investors sentiment. The acknowledgment of gold consumption in the country with the introduction of the Gold Monetisation Scheme is an encouraging initiative which will help convert the physical asset to a liquid financial asset, said T S Kalyanaraman, Chairman and Managing Director, Kalyan Jewellers. The proposed Gold coins with the Ashoka Chakra will also encourage recycling of gold among domestic consumers and give a fillip to ‘’Make in India’’. The resolve of the Government to discourage cash-based transactions augurs well, Mr Kalyanaraman added. However, the implementation will have to be in a phased manner considering the fact that a significant class of consumers of gold and gold jewellery, especially in rural India, may not have a PAN card and are yet to be integrated into the nationalised banking network. This move may trigger more purchase from the unorganised sector leading to a loss to the exchequer. The Union Budget has provided clarity on the some of the issues which will help boost investor sentiments. The platform has been laid with the Budget and it is for the industry to seize this golden opportunity. \\"We expect continued buoyancy for the demand of jewellery in the Middle East\\", said Mr Kalyanaraman. UNI ASH ABI SB RK1641
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