The other two schemes launched here are the gold monetisation scheme to convert jewellery and other yellow metal assets with people into interest-bearing deposits, and the sovereign bond scheme with an eight-year tenure, while allowing an exit option after five years.

According to the World Gold Council, an estimated 22,000-23,000 tonnes of gold is lying idle with households and institutions in India. The annual imports amount to around 850-1,000 tonnes valued at USD 35-45 billion.

He described the launch of the India Gold Coins, bearing the Ashok Chakra, as a matter of pride for the nation. He said that people would no longer have to depend on foreign minted gold bullion or coins.

The Prime Minister also launched a website on these schemes, and distributed Certificates of Investment to six initial investors. The schemes were proposed by Finance Minister Arun Jaitley during presentation of the Union Budget this year.

Prime Minister Modi had announced about the launch of the schemes in his 'Mann ki Baat' programme last month.

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