In a rather shocking revelation, Indian lawmakers collectively hold at least 710 Kgs of gold in their banks and family lockers.
According to a report in The Indian Express, an analysis of the pre-election affidavits of several Members of Parliaments (MPs), including that of Lok Sabha and Rajya Sabha, show that they and their families collectively hold at least 710 Kgs of gold in the form of coins, jewellery and bullion.
However, most of these Parliamentarians, are yet to participate in the gold monetisation scheme launched by Prime Minister Narendra Modi last year.
PM Modi launched the scheme in November last year to tap into over 20,000 tonnes of gold lying dormant in the family lockers and temples of India and reduce India’s reliance on gold imports.
“India’s current account deficit shot up to 4.9% of GDP in June 2013 as Indians imported about 400 tonnes of gold. This forced the government to raise excise duty to 10% and impose restrictions on traders,” the Express reported.
However, despite of the best efforts by the government, only 2,891 Kgs has been mobilised so far.