Gold has been a very popular investment option for Indians and those living abroad (especially in the Gulf) have been taking bullion and jewellery back home with each visit.However, this became difficult after the Indian government put strict controls and import duty on gold.Now, the Indian cabinet has approved a new Gold Bond and Gold Monetisation scheme to reduce the metal's demand in physical form and fish out idle gold lying with households and other entities.The new scheme allows Indians to buy 500 grams per person in India and will be issued in 2, 5 and 10 grams of gold or other denominations. The tenor of the bond could be for a minimum of 5-7 years so that it protects investors from medium-term volatility in gold prices.
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