India’s lawmakers hold 710 kgs gold in banks, lockers

GoldAccording to a media report, an analysis of pre-election affidavits of many MPs including of the Lok Sabha and Rajya Sabha, shows that they and their families collectively hold some 710 kgs of gold in the form of coins, jewellery and bullion.

Most of these Parliamentarians are yet to participate in the gold monetisation scheme Pm Narendra Modi launched last year, which was primarily to tap into over 20,000 tones of gold lying dormant in the family lockers and temples of India, and to reduce India’s reliance on gold imports.

Despite the best efforts of the government only 2,891 kgs have been mobilised so far.