Good idea to convert idle gold into productive asset.

It is a very good move from RBI to convert gold into productive asset.Similarly the RBI also should make banks to buy back gold coins from individuals and institutions so that the supply of gold in the domestic market would improve considerably and bring down the import of gold. Other private gold holdings also should be brought into the open by making banks to take the gold as deposits on payment of some interest and these gold can be repaid either in the form of gold or adjusted against cash payment.The domestic prices of gold also will come down in the process apart from reduction of import of gold.

Dr.T.V.Gopalakrishnan
(This comment is in response to the news report "RBI plans to request Tirupati, Shidi shrines to sell  their  gold pile to rescue rupee fall"appeared in ET dated 31/8/13).