New Delhi, Dec 5 (KNN)  Against the backdrop of certain media reports which said that the government will directly intervene to monetize the gold held by charitable, religious and other institutions, the government has issued a clarification.

“The Gold Monetization Scheme is entirely voluntary and it is for individuals, institutions and others to take their own decision to monetize the gold held by them under the Scheme,” an official release said on Friday.

The objective of the Scheme is to monetize the idle gold held within the country and promote financial savings.  A good part of the monetized gold will also be made available to meet the domestic requirement of gold. This will help in reducing our gold imports and save foreign exchange and deal with the problem of Current Account Deficit, it added, regretting the complete misinformation.

It is once again reiterated that the Gold Monetization Scheme is purely voluntary. It is expected that individuals and institutions will consider the merits and advantages of the Scheme and participate in it, the release said.  (KNN Bureau)