Chennai: Prime Minister Narendra Modi's gold monetisation schemes have evoked mixed reactions in Tamil Nadu, where women like to wear gold jewellery and households see them as secure investments.
"Sentimentally we wouldn't be comfortable depositing our gold. It would be like pledging. Also the paltry 2.5 per cent interest is a disappointment. Even banks give higher returns," Shanthi a housewife in Chennai said.
A gold enthusiast, Jaya, said, "In Tamil Nadu we use gold as a status symbol. So we can't imagine buying gold bonds. We would want to wear our gold whenever there's an opportunity."
However Sathyabhama, a mother who was seen buying gold jewellery as a surprise Diwali gift to her daughter welcomed gold coins to be released by the government. "That's a useful scheme. We can buy as coins and make them into ornaments whenever required."
Gold stores are unperturbed. An official from a popular gold showroom in Chennai said, "We don't anticipate any dip in our business as south Indians see gold as a strong security."
On Thursday Prime Minister Modi announced three gold schemes: gold deposit, gold bonds and gold coins in a bid to reduce gold imports. India, he said, has around 20,000 tonnes of gold lying idle at homes and temples which could be used for the country's development.
"Sentimentally we wouldn't be comfortable depositing our gold. It would be like pledging. Also the paltry 2.5 per cent interest is a disappointment. Even banks give higher returns," Shanthi a housewife in Chennai said.
However Sathyabhama, a mother who was seen buying gold jewellery as a surprise Diwali gift to her daughter welcomed gold coins to be released by the government. "That's a useful scheme. We can buy as coins and make them into ornaments whenever required."
Advertisement
On Thursday Prime Minister Modi announced three gold schemes: gold deposit, gold bonds and gold coins in a bid to reduce gold imports. India, he said, has around 20,000 tonnes of gold lying idle at homes and temples which could be used for the country's development.
Advertisement
COMMENTS
Advertisement
Tamil Nadu Class 12 Supplementary Result 2024 Out "Why Retain Caste Names In Schools," High Court Asks Tamil Nadu Government Apple Planning to Make iPhone 16 Pro Models in India for the First Time With Launch Day Availability: Report President Droupadi Murmu Appoints New Governors In 9 States Teen Rapes Sister After Watching Porn, Strangles Her Before Their Mother Astrologer Who Correctly Predicted Biden Exit, Now 'Names' Next US President 4-Year-Old US Girl's Burger King Meal Splattered With Blood, Company Responds Donald Trump Calls Joe Biden's Shock US Poll Exit A "Coup By Democrats" Argentine Athlete Couple Steals The Show With Proposal At Paris Olympics Track Latest News Live on NDTV.com and get news updates from India and around the world.