Govt to mop up 8K kg gold by July through monetisation plan

New Delhi, Mar 9: The government is aiming to collect around 8,000 kilogram gold by July under the gold monetisation scheme, a top government official said on Wednesday.

“We have collected around 6,000 kg of gold till February, and are expecting to collect another 2,000 kg till July,” the official said.

At initial stage, the scheme moved at slow pace on lack of coordination between the banks and collection and purity testing centres (CPTC). “If we compare the current gold figures with the last year, it has been a good success,” the official said.

MMTC is likely to auction the medium-and-long-term gold deposits collected under the gold monetisation scheme.

“The government will finalise the auctioning procedure in a day or two, and will ask MMTC to notify the same,” the official said.

The government will also decide the logistics of auctioning procedure, and credit of proceedings in the government account with the Reserve Bank of India, the official added.

The government will also decide the rate of commission and handling charges to be offered to the banks as the existing instructions were applicable only till November 5, 2016. The government in November 2015 had introduced Gold Monetisation Scheme to bring to the economic system around 20,000-22,000 tonnes of gold held with households and temples.

Till November 2016, the government had mobilised around 5,730 kg of gold under the scheme, wherein depositors of gold can earn interest on their metal accounts. Once the gold is deposited in metal account, it will start earning interest on the same.

The scheme was aimed at weaning Indians away from gold. The demand for yellow metal fell in the wake of demonetisation but picked up again and according to World Gold Council’s latest report on March 8, the demand is likely to improve further. According to survey research by WGC, 73 respondents in India said gold made them feel secure in the long run.

Comments

Add new comment

Coastaldigest.com reserves the right to delete or block any comments.
Coastaldigset.com is not responsible for its readers’ comments.
Comments that are abusive, incendiary or irrelevant are strictly prohibited.
Please use a genuine email ID and provide your name to avoid reject.

SMR Public School’s ‘EXCELLENTIA’ highlights academic excellence and holistic growth

News Network

December 16,2025

Melkar (Bantwal): The 9th Annual Day celebration of SMR Public School, titled “EXCELLENTIA”, was held on December 15 with great enthusiasm and dignity, marking a significant milestone in the institution’s journey towards academic excellence and holistic development.

The programme was inaugurated by Dr. U. T. Iftikar Ali. The chief guests were Dr. Akhtar Hussain, Mr. P. Moosabba Beary, Mr. Zakaria Jokattre, and Dr. T. M. Abdul Rahuf—whose inspiring addresses motivated the students and appreciated the school’s contributions to education.

Mr. Abdul Nasir, Mr. Ibrahim Gadiyar, Mr. Razak Golthamajal, Mr. Sali Koya, Mr. Arshad Hussain, Mr. Ismail Balanoor, Mr. Feroz Bawa, Mr. Sahul Hameed, Mr. Abubakkar, Mr. Hameed K. Mani, Mr. Abdul Majeed (Principal, Melkar Women’s College), and Mr. Abdul Lathief (Former Principal, Melkar Women’s College) were the guests of honour.

The Annual Report was presented by the Headmistress, Ms. Fathimathul Zaheera, highlighting the school’s achievements and progress during the academic year. The Presidential Address was delivered by the Chairman of SMR Public School, Dr. Haji S. M. Rasheed, who emphasised the vital role of education in shaping students’ futures and stressed the importance of discipline, dedication, and consistent effort in achieving 100 per cent academic results.

Secretary of SMR Public School, Mr. Rifath Ahmed, and PTA President, Mr. Sandeep Kumar, were also present on the occasion.

The Annual Day celebration showcased the collective efforts of students and teachers and reaffirmed the school’s commitment to quality education and all-round development. The programme concluded with a vote of thanks, expressing gratitude to all dignitaries, parents, and well-wishers for their support. The 9th Annual Day—EXCELLENTIA—was a memorable and successful event, leaving a lasting impression on everyone present.

Comments