There is one major flaw. Nearly all household holdings are in the form of ornaments. Bank would melt these and convert these into Prime Gold ( .999 ). Only Prime Gold ( biscuits ) would be returned. Thus the Gold depositor would be losing 10 to 15 % Making charges.
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Many patriotic families deposited their Gold ornaments with the Govt. during National Emergencies like 1962 War and in 1993 . Our family participated with enthusiasm. But the patriotism was never recognised . Govt. continues to call their Vote Banks - ANN- Daata and those who pay all the Taxes are labelled as CHOR.
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