Prime Minister launches three gold related schemes viz. Gold Monetization Scheme, Sovereign Gold Bond Scheme and India Gold Coins

The Prime Minister, Shri Narendra Modi, launched three gold related schemes at a function on 5th Nov-15.The schemes are – Gold Monetization Scheme, Sovereign Gold Bond Scheme, and India Gold Coins.   On the occasion, the Prime Minister Shri Narendra Modi described the schemes as an example of “sone pe suhaaga” (icing on the cake).…

Features of Gold Coin/Bullion Scheme

The Indian gold coin is a part of the Gold Monetisation Programme. The coin will be the first  ever national gold coin and will have the National Emblem of Ashok Chakra engraved  on one side . Initially the coins will be available in denominations of 5 and 10 grams. A 20 gram bar/bullion will also…

Features of Sovereign Gold Bond Scheme

The Reserve Bank of India, in consultation with Government of India, has decided to issue Sovereign Gold Bonds. Applications for the bond will be accepted from November 05, 2015 to November 20, 2015. The Bonds will be issued on November 26, 2015. The Bonds will be sold through banks and designated post offices as may…

Features of Gold Monetisation Scheme (GMS), 2015

The GMS will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the Gold Deposit Scheme will be allowed to run till maturity unless the depositors prematurely withdraw them. Resident Indians (Individuals, HUF, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations and Companies) can make deposits under the…

Government to issue Sovereign Gold Bonds with effect from 26th November, 2015; Bonds to be sold through banks and designated post offices

Government of India, in consultation with Reserve Bank of India (RBI), has decided to issue Sovereign Gold Bonds. The Bonds will be issued on November 26, 2015. Applications for the bond will be accepted from November 05, 2015 to November 20, 2015. The Bonds will be sold through banks and designated post offices as may…

Gold Monetisation Scheme, 2015 as issued by RBI

Gold Monetisation Scheme, 2015 In exercise of the powers conferred on the Reserve Bank of India (RBI) under Section 35 A of the Banking Regulation Act, 1949 and in pursuance of the Central Government notification issued vide Office Memorandum F.No.20/6/2015-FT dated September 15, 2015 regarding “Gold Monetization Scheme (GMS)”, the RBI being satisfied that it…

RBI issues direction on implementation of Gold Monetisation Scheme (GMS), 2015

The Reserve Bank of India today issued a Direction to all Scheduled Commercial Banks (excluding Regional Rural Banks) on implementation of the Gold Monetisation Scheme, 2015 notified by the Central Government. The Scheme The GMS will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the Gold Deposit Scheme will be allowed…

Another Milestone achieved under Pradhan Mantri Jan Dhan Yojana (PMJDY) – Deposits in accounts now exceed Rs.25,000 crore; accounts having balances in them now exceed 60%

Deposits in accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) have now exceeded Rs. 25,000 crore which has come to the banks as low cost deposits. The accounts that can be opened under PMJDY are Basic Savings Bank Deposit Accounts (BSBDA) which can be with zero balance as per Reserve Bank of India…