Tax exemptions proposed would definitely make the scheme attractive and the rate of interest should also be made attractive for those who deposit gold upto 200 grams or so. The scheme should be made flexible for comparatively poorer sections of the society so that they can deposit and withdraw gold as they wish. Poorer sections invest in gold as an insurance against some risks they envisage and that should be protected. An insurance linked deposit of gold can be worked out involving insurance companies to give protection to those who part with gold of less than 500 grams.The period of deposit of gold should be between three years and ten years in order to enjoy the full benefit of the monetisation scheme and find resources for long term infrastructure projects. If possible, the deposit certificates involving more than a lakh of Rupees should be tradable in capital market. This will make the scheme liquid and at the same time dependable.
Dr.T.V.Gopalakrishnan
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