Malabar Gold urges Centre to overhaul Gold Monetisation Scheme to unlock idle stockpile
Malabar Gold & Diamonds has pitched Finance Minister Sitharaman and Commerce Minister Goyal to revamp the Gold Monetisation Scheme — cutting minimum deposits from 10gm to 1gm, allowing flexible redemption, shorter lock-ins, and onboarding organised jewellers. It argues even 1-2% mobilisation of India's 25,000-35,000 tonnes idle gold could release 600-700 tonnes, curbing 700-800 tonne annual imports.
Malabar Gold & Diamonds submitted a proposal to Finance Minister Sitharaman and Commerce Minister Goyal recommending reforms to the Gold Monetisation Scheme, including lower minimum deposits (1gm), flexible redemption, shorter lock-ins, and integration of organised jewellers to mobilise idle domestic gold.