The Indian bullion dealers and jewellers have requested the government to begin gold accumulation schemes through post offices in order to encourage people in the rural sector to invest in bullion through systematic deposits on a regular basis.
According to a report submitted to the Finance Minister by India Bullion and Jewellers Association (IBJA), such deposit schemes through post offices would encourage investors to systematically invest in gold over a period of time.
The government has recently discouraged promotion of gold coins and bars through post offices and even retailers across the board were asked to cut back on gold coin sales. To revoke this trend, IBJA has requested the government to bring back the gold saving schemes in post offices. IBJA has also made a recommendation of setting up an exclusive bullion bank that deals with bullion import and jewellery exports where gold will be accounted in quantity rather than rupee.
In addition to this, to encourage exports of bullion, a request has also been made to set up domestic gold council, which has already been set up for other trade & commerce related industries.