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To: Jim McMannis who wrote (34458)	5/24/1999 6:29:00 PM
From: goldsnow	Respond to of 116791

Mid-term polls delay India's gold bond scheme 08:05 a.m. May 24, 1999 Eastern By Naveen Thukral AHMEDABAD, India, May 24 (Reuters) - Mid-term elections in India have delayed implementation of a proposed gold bond scheme aimed at checking rising bullion imports, bankers and dealers said on Monday. The scheme, announced by Finance Minister Yashwant Sinha in his budget speech on February 28, sought to allow banks to accept gold deposits and issue interest bearing certificates or bonds which on maturity could be redeemed in gold. The aim is to mobilise idle gold held in the country. Bankers say assaying facilities need to be established before the scheme kicks off. ''A clearance for assaying procedure which should have come a fortnight ago has been delayed because of the elections,'' said an official at a leading nationalised bank. He said five banks selected to undertake the scheme had submitted a proposal for assaying gold with the Reserve Bank of India (RBI) about a month ago. ''Even if a decision is taken, I don't see much progress before September-end,'' the official said. India is scheduled to hold elections in September and October after the fall of the Bharatiya Janata Party-led government. Bankers said they would have to form a company, look for a foreign partner and set up a refinery before accepting gold from the people. ''The entire procedure will easily take three to four months,'' said another official. India, the world's largest gold consumer, imports almost all its requirements. The country's gold holdings are estimated to be around 10,000 tonnes accumulated over generations and comprise family heirlooms and jewels forming part of dowry gifts. Finance Secretary Vijay Kelkar said earlier this month that the ministry was awaiting crucial decisions from other ministries before going ahead with the scheme. He said the decisions pertained to allowing a forward market for hedging and notification on the import and export of the yellow metal. Traders were sceptical about the scheme and said it would not generate much response. People would not invest their gold because most of it was in the form of jewellery, they said. ''There is sentimental value attached with the jewellery and most people will not like to part with it,'' Yashwant Thakkar, an importer based in Ahmedabad said. He said people who invest in the scheme will loose the labour component as the jewellery will be converted into bullion form. Labour cost in manufacturing ornaments is between 20 to 40 percent of the total cost. Traders said some investments could come from temples and trusts that get gold in the form of donations. Thakkar estimated that temples in India hold nearly 200 tonnes of gold. Copyright 1999 Reuters Limited.

To: Jim McMannis who wrote (34458)	5/24/1999 6:29:00 PM
From: Don Green	Read Replies (1) \| Respond to of 116791

Jim, I lived in Port Salerno..near Stuart.. Still own some rental properties there. Yes, but Jupiter has their own police force already.. I think there are only 50-100 homes est?? on the entire island.. Security there isn't a real problem. Sightseeing is. As for other parts of the country locking and loading..I would think items like in Colorado shootings would be more of a motivator, than Y2K.. BTW what have you done so far.. I have my earthquake supplies already and doubt I will need much more regards don