Finance Minister Arun Jaitley in his Union Budget said the government will take three steps to bring down gold imports that amount to 800-1,000 tonnes per year:
1) The government will introduce gold monetization schemes to replace gold deposit schemes and gold metal loans. Depositors of gold will earn interest on their metal account, he said.
2) The government will introduce a sovereign gold bond, which will earn a fixed rate of interest.
3) The government will mint gold coins with Ashoka Chakra to reduce demand for gold coins minted outside India.
India is the largest importer of gold in the world. The country is estimated to have over 20,000 tonnes of gold, Mr Jaitley said.
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