India's Gold Monetization Program Could be Ready in Weeks

Reuters reported that a scheme aimed at motivating people in India to deposit gold in banks could be ready within weeks. According to Indian Prime Minister Narendra Modi, the goal of the program would be to cut expensive imports.
As quoted in the market news:

The scheme would allow people to put their gold into banks in return for interest payments in an attempt to mobilise thousands of tonnes of the metal sitting idle in Indian households.
Indians prize gold as gifts and as a way of storing wealth. The country consumes nearly 1,000 tonnes of gold every year, most of it imported, and gold is the second-biggest expense on the import bill after oil.
In his monthly radio address, Modi said the programme should be ready before Dhanteras next month, a festival when it is considered an auspicious period to buy gold.

Click here to read the full Reuters report.