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Food for thought - What effect Gold Monetization scheme will have on the credit offtake in India.

Prime Minister Narendra Modi on Thursday launched three schemes to lure tonnes of gold from households into the banking system and said that India is poor because gold is lying idle.

The Gold Monetisation Scheme (GMS), 2015 will offer option to resident Indians to deposit their precious metal and earn an interest of up to 2.5 per cent; while under the Sovereign Gold Bonds Scheme, investors can earn an interest rate of 2.75 per cent per annum by buying paper bonds. 

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