Prime Minister Narendra Modi on Thursday launched three gold related schemes to fish out 20,000 tonnes of gold lying in the household of India. As Prime Minister Narendra Modi has taken oath to work in favor of Indian people, the three schemes that he launched seem to be very helpful and useful for the people of India, especially women.

The three schemes that Prime Minister Modi launched are Gold Monetisation Scheme (GMS), Sovereign Gold Bond Scheme, Gold Coin/Bullion Scheme.

The Gold Monetisation Scheme will replace the existing Gold Deposit Scheme, 1999. However, deposits outstanding under the Gold Deposit Scheme will be allowed to run till maturity unless the depositors prematurely withdraw them. The Gold Monetisation Scheme is aimed at tapping part of an estimated 20,000 tonnes of idle gold worth Rs. 5,40,000 crore in family lockers and temples into the banking system. The Gold Sovereign Bond will be issued by the Reserve Bank of India (RBI) on behalf of the government with an interest rate of 2.75%. The bonds will be sold through banks and designated post offices.

While the launch including India's first ever 'India Gold Coin' bearing of Ashoka Chakra engraved on one side and Mahatma Gandhi on the other side Modi said, "I used to hear 'Sone pe Suhaga' but now I understood the real meaning of 'Sone Pe Suhaga'. People of this country are already poor. The question of physical gold's security will now be ruled out and women will benefit most of these schemes. India has surpassed China as World's Largest Gold consuming nation 562 tonnes of buying in this year.

Also, ahead on this launch, Finance Minister Arun Jaitely said, “it is essential to discourage gold imports.” However, huge gold imports have pushed India's current account deficit to record $190 billion in 2013, prompting government hike its duty on imports to record 10%. Import fell to an estimated $34 billion in 2014-15, but PM Modi is looking to cut that further.

While, Anantha Padmanabhan, Southern region head of All India Gems and Jewellery Trade Federation said that, " Government has yet to make its position clear on this issue. Investors will have to disclose their permanent account number, registered with the income tax department, if the value of gold is worth more than Rs. 50,000 ($763.53). Some people fear it is a way for the government to keep a tab on the source."

Another concern is the likely loss of 20-30% of the weight of jewellery as it is melted at certified centres at the cost of the depositor.

However, Prime Minister Narendra Modi's launch of these three schemes including gold coin on the ahead of Diwali really shows 'Acche Din' for the common people in India. As, especially on Dhanteras during Diwali this schemes would be more beneficial for people.