"The RBI, it seems, is also not willing to have

deposits in form of gold. The RBI should clear its policy on Gold Monetisation," Sahay said.

With an aim to suggest improvisations for a better implementation of the monetisation policy , a nationwide survey was carried across 1171 households, from 10 states that constitute approximately three-quarters of annual national gold consumption, as part of the study.

Also interviewed were senior management of 6 banks, 5 refiners and one industry consultant to understand the challenges and implications of the policy for members of the gold ecosystem.

The households revealed a tendency to accumulate gold for purposes ranging from marriage to child's education. About 50 per cent of respondents said they accumulate gold in small quantities for marriage of child or self.

Family functions and festivals form two main triggers for gold purchase, for around 60 per cent of respondents, indicating ingrained habit and planned accumulation.

There is also high liquidity and safety association of gold, with virtually no substitute, along with a clear reluctance to sell gold received as a gift by almost 70 per cent of respondents.

The IGPC, sponsored by World Gold Council, was set up in 2015 as a centre of excellence, conducting cutting-edge applied research on the gold industry in India and providing insights to suggest ways at both policy as well as execution levels.

The objective of IGPC is to develop insights into how the significant stocks of gold that India owns can be used to advance growth, employment, social inclusion and the economic wealth of the nation.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)