While investors have gained from the rising gold prices, retailers are witnessing slow business as non-essential purchases and jewellery sales have taken a hit.
The credit appraisal for small ticket loans up to 2.5 lakh Rupees where gold is given as collateral will not be needed, said Sanjay Malhotra, Governor of the Reserve bank of India (RBI).
Muhammed Ajmal befriended young teenage girls through Instagram and then trick them into giving him gold ornaments promising them he would bring new jewellery for them
“RBI started purchasing gold a few years ago and decided to undertake a review of where it wants to store it, something that is done from time to time. Since stock was building up overseas, it was decided to get some of the gold to India,” TOI quoted an official as saying.
The gold monetisation scheme was launched by Prime Minister Narendra Modi on September 15, 2015. This scheme has been designed to turn physical gold into a productive asset in India.