Safe Keeping Receipt and issues related to SKR

Recent turmoil in financial market necessitated the need of liquidity against assets to cover cash crunch in market.
Most of the western countries use A negotiable or non-negotiable bank-issued certificate representing the holding or ownership of an asset, such as art, precious metal, jewelry, mining rights, specific certified rights, everything a bank can hold. In a negotiable form typically issued for cash value market assets, in a no negotiable form for documentary purpose issued without a value assignement, the bank usually certifies what they hold, the terms and conditions of the holding and for whom they are holding.

In indian context few companies in india explored this route as a banking arrangement with the client for specific purpose. Though we cannot find it as credit instrument as per RBI, still it is not openly accepted by the banks as arrangement with the client. I learnt through my professional gurus that such an arrangement is encouraged as a banking arrangement with the client.
If the government/rbi provides proper guidelines for use of such facility, it will help the country to use it as tool for investment in other countries as well as help in establishing net worth of the entity intending for attracting capital.

It is common now a days that the use of SKR and its legality is always debated until it is proved by the client. Most of the times it is known fact that any new non conventional measure is not openly accepted by the indian nationalised banks.