The World Gold Council puts India’s household gold holdings at an estimated 31,000 tonnes — ₹314.9 lakh crore, or US$3.4 trillion — and targets moving 10–15% of that stock into the formal financial system through bank participation and bullion banking reform. The figures and the target sit in the financialisation pillar of Swarnim Udaan 2047, a roadmap for India’s gold market published on 4 August 2026 with Monitor Deloitte as knowledge partner. The document states that monetising 1% of the stock annually would substitute gold imports of about ₹3.1 lakh crore (US$34 billion). To carry the programme it proposes a National Gold Board, on the NITI Aayog–Watal Committee recommendations of 2018, a Gold Innovation Centre and a multi-stakeholder task force.
Mobilised household metal is recycled feed, and recycled feed reaches an internationally deliverable bar only through a listed refiner. The LBMA Good Delivery list carries 67 gold refiners; MMTC-PAMP has held gold accreditation in India since 2014, and any addition to accredited domestic capacity runs through the LBMA application and proactive-monitoring process on that process’s own timetable. Acceptance rests on the refiner’s accreditation and on the stamp, assay and serial the bar carries, not on the tonnage a scheme collects. Recycled feed falls inside the scope of a listed refiner’s responsible-sourcing programme, so the due-diligence record sits at refinery level, where the material is assayed and re-cast, rather than at the point of collection. Bullion banking reform operates on Indian bank balance sheets and domestic deposit structures; deliverable specification — fineness, weight range, weight list, serial identification — sits with the LBMA and is untouched by it. A National Gold Board would consolidate coordination that currently runs through separate authorities: import policy through the Directorate General of Foreign Trade, hallmarking through the Bureau of Indian Standards, and the IFSC bullion exchange, its depository and its vaults through the International Financial Services Centres Authority. Until the Board is constituted, those authorities answer classification, licensing and standards questions separately, each under its own instrument.
Nothing in the document changes an Indian import, accreditation or standards requirement as it stands, and the tonnage and value figures are its own estimates. Bullion banking reform, the Board and the Innovation Centre each require separate action by the body holding that power.