Government had launched the Gold Monetisation Scheme (GMS) on 5th November, 2015. Thereafter a number of modifications have been made in the scheme to facilitate monetization of gold by people. The scheme has been further modified on 31st March, 2016. Now, for the gold deposited under Medium and Long Term Government Deposits (MLTGD), the…
he Reserve Bank of India has modified the minimum amount of gold that can be deposited under the Gold Monetisation Scheme under the Reserve Bank of India (Gold Monetisation Scheme), Direction, 2015. The modification provides that the minimum deposit at any one time shall be 30 grams of raw gold (bars, coins, jewellery excluding stones…
Objectives To mobilize the gold held by households and institutions in the country. To provide a fillip to the gems and jewellery sector in the country by making gold available as raw material on loan from the banks. To be able to reduce reliance on import of gold over time to meet the domestic demand.…