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Gold Monetisation Scheme (GMS), 2015
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Mumbai: November 5,2015
Gold Monetisation Scheme (GMS), 2015

The Gold Monetization Scheme will replace the existing Gold Deposit Scheme, 1999. (Deposits outstanding under the Gold Deposit Scheme will however, 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 scheme.
 
The minimum deposit at any one time shall be raw gold (bars, coins, jewellery excluding stones and other metals) equivalent to 30 grams of gold. There is no maximum limit for deposit under the scheme.
 
The gold will be accepted at the Collection and Purity Testing Centres (CPTC) certified by Bureau of Indian Standards (BIS). The deposit certificates will be issued by banks in equivalent  of 995 fineness of gold. as well as Medium (5-7 years) and Long (12-15 years) Term Government Deposit Schemes (MLTGD).
 
The opening of Gold Deposit Accounts will be subject to the same rules with regard to customer identification (KYC) as are applicable to any other deposit account.
 
The interest rate  in the STBD will be determined by the banks. The interest rate in the medium term bonds has been fixed at 2.25% and for the long term bonds is 2.5% for the bonds issued in 2015-16.
 
There will be provision for premature withdrawal subject to a minimum lock-in period and penalty to be determined by individual banks for the STBD.
 
The designated banks may sell or lend the gold accepted under STBD to MMTC for minting India Gold Coins (IGC) and to jewellers, or sell it to other designated banks participating in GMS.
 
Complaints against designated banks regarding any discrepancy in issuance of receipts and deposit certificates, redemption of deposits, payment of interest will be handled first by the bank’s grievance redress process and then by the Reserve Bank’s Banking Ombudsman.
 
The objective of the Scheme is to mobilise gold held by households and institutions of the country and facilitate its use for productive purposes, and in the long run, to reduce country’s reliance on the import of gold
 

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/MH/4
MD --MG

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