Indian Institute of Management Ahmedabad's (IIMA) India Gold Policy Centre (IGPC) conducted its signature workshop on 27 October 2015 at Mumbai involving key stakeholders to seek their opinions on Gold Monetisation in India. Their opinions were presented as a Whitepaper to the Government of India as an on-ground feedback on the gold monetisation scheme approved by the Union Cabinet.
The workshop had participation from eminent bankers, NBFCs, hallmarking agencies, jewellers, gold refiners, trusts, bullion traders, bullion logistics companies, assaying centres, commodity investors, traders, academicians and economists as delegates. There were two closed door panel discussions- the first on integrating the gold value chain into the monetisation of gold and the second panel on the role of banks in the monetization of gold.
The workshop's inaugural address was delivered by Mr. Erkan Kilimci, Executive Director of Markets Department, Central Bank of the Republic of Turkey (CBRT) who shared his insights regarding the successful monetization of gold in his country. Internationally, Turkey has been known to have monetised its gold most successfully.
Dr. Saurabh Garg, Joint Secretary (Investment), Department of Economic Affairs (DEA), Ministry of Finance, Government of India delivered the keynote speech.Addressing the stakeholders, Dr. Saurabh Garg, said, "The objective of launching the gold monetisation scheme is to mobilize the gold held by households and institutions and mainstream these savings into the financial system so that they are put to productive use".
Speaking at the Workshop, Prof. Jayanth Varma, Head of India Gold Policy Centre, said, "This workshop reflected a diverse range of opinions on gold monetisation. We are glad that views of multiple stakeholders can be presented to policy makers. If India is able to monetise a small fraction of available gold, it will have a cascading positive effect on various sections of our economy."