....According to the estimates of K U B Rao Committee, about 20,000 tonnes of gold is lying idle with people. The central bank wants to channelise the idle gold for productive purposes and also check unbridled gold imports. From now on, banks will not need to obtain prior approval from RBI to introduce the scheme. However, they would be required to inform the central bank of details such as the names of the branches that operate the scheme......
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