A ‘golden’ fix for India’s forex stress?

The biggest factor that made the Gold Bond Scheme of 1993 a success was the government immunity to subscribers. But that required taxpayers, individuals and corporations to have trust in the system. (Illustration: C R Sasikumar) THERE IS a tricky proposal engaging the government at the highest levels over the past 3-4 weeks. An empowered group of ministers has met twice to discuss it. Officials in the Prime Minister’s Office are seized of the issues connected with this idea. And the Cabinet Secretariat, the office responsible for government administration, has held meetings with those in the business to better understand the concerns, and ways to address them. The thought behind the proposal probably has its origins in an austerity measure proposed by the PM at a public meeting in Hyderaba