What is the
of India recently launched four schemes broadly aimed at
financialization of gold in India. Gold Monetization Scheme
(GMS), the most important one of the four, aims at bringing
out a portion of the gold held by households, temples and
trusts and institutions. The government has identified three
primary stakeholders – banks, Collection and purity testing
centers (CPTCs), and refiners- to run the scheme. However,
enough provisions have been put forth to include other stakeholders
in the scheme, directly or indirectly. The developments
have resulted in tremendous positivity amongst the stakeholders
as there is an opportunity to put a viable and sustainable
business that addresses the needs of consumers, jewelers
as well as the government.
Why is the workshop?
As with any structural change in the market, GMS is bound
to experience initial hiccups and glitches. There would
be operational, procedural, tax-related, governance related
or investment related challenges along the way. That is
precisely the reason for stakeholders to get together and
deliberate and collectively represent the issues confronted
by them to the policy makers for remedial actions. Besides,
coming together would also enable participants to learn
from each other and seek new partnerships.
Who would attend the workshop?
The workshop, designed as a two-day format, expects commercial
banks, CPTCs and refiners as well as jewelers, commodity
/ stock exchanges, logistic service providers, NBFCs, Hallmarking
centers, Gold loan companies, microfinance institutions
and government bodies to participate and benefit.