UPSC General Studies Solved Paper - General Studies-2016

  • question_answer
    What is/are the purpose/purposes of Government's ?Sovereign Gold Bond Scheme' and 'Gold Monetisation Scheme?
    1. To bring the idle gold lying with Indian households into the economy
    2. To promote FDI in the gold and jewellery sector.
    3. To reduce India?s dependence on gold imports.
    Select the correct answer using the codes given below

    A)  Only 1 

    B)         2 and 3

    C)  1 and 3

    D)         1, 2 and 3

    Correct Answer: C

    Solution :

    Exp. [c] Prime Minister Narendra Modi on 5th November, 2015 launched 3 gold related schemes. The schemes are - Gold Monetisation Scheme, Sovereign Gold Bond Scheme and Indian Gold Coins. The primary purpose of the schemes is to reduce dependence on imported gold, recycle the unutilised gold in the country and most significantly, streamline the gold business within the country. At present, India is the largest consumer of gold within the world. Gold Monetisation Scheme, which would replace both the present Gold Deposit and Gold Metal Loan Schemes, is intended to mobilise gold held by households and institutions of the country. The purpose of the Sovereign Gold Bond Scheme is to reduce the demand for physical gold and to shift part of the estimated three hundred tonnes of physical bars and coins purchased per annum for investment into Oemat (Dematerialised) gold bonds.

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