Gold Monetization Scheme, 2015
The Reserve Bank of India has introduced the Gold Monetization Scheme (GMS) to mobilize gold held by households and institutions.
The scheme has two components: Revamped Gold Deposit Scheme (R-GDS) and Gold Metal Loan.
Revamped Gold Deposit Scheme (R-GDS)
The R-GDS allows individuals and institutions to deposit gold with designated banks.
There are two types of deposits:
- Short Term Bank Deposit (STBD): Lock-in period of 1-3 years
- Medium and Long Term Government Deposit (MLTGD): Lock-in period of 5-15 years
The deposit period and interest rates vary depending on the type of deposit and actual period for which the deposit has run.
The scheme aims to reduce the country’s reliance on gold imports and utilize the idle gold reserves.
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Download: Gold Monetization Scheme, 2015 (Updated as on August 04, 2022)