India hopes to wean citizens from gold: "MUMBAI, India The Indian government is placing a long-range wager that an increasingly prosperous population can be coaxed to part - at least physically - with its boundless hoards of gold.
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A policy floated recently would allow Indians to buy virtual, or 'paper,' gold in denominations as low as $2, instead of investing in necklaces, bangles and coins. It is a step, analysts say, toward bringing millions of poor Indians into the banking system and unlocking the untapped investment potential of more than $200 billion worth of privately held gold in India.
Indians are the world's biggest gold consumers, with more than half the country's savings tied up in physical assets. Particularly among the very poorest, Indians are prone to spending much of their income to acquire the metal, locking up their assets in the resulting hoards."
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