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The Union Cabinet chaired by the Prime Minister has given its approval for introduction of Gold Monetization Schemes (GMS), as announced in the Union Budget 2015-16. Under this initiative, revamped Gold Deposit Scheme (GDS) and the Gold Metal Loan (GML) Scheme will be implemented.
The objectives of the Gold Monetization scheme are:
How it works?
When a customer brings in gold to the counter of specified agency or bank, the purity of gold is determined and exact quantity of gold is credited in the metal account. Customers may be asked to complete KYC (know-your-customer) process. The deposited gold will be lent by banks to jewellers at an interest rate little higher than the interest paid to customer.
Interest rate: Both principal and interest to be paid to the depositors of gold, will be ‘valued’ in gold. For example if a customer deposits 100 gm of gold and gets one per cent interest, then, on maturity he has a credit of 101 gram.
The interest rate is decided by the banks concerned.
Tenure: The tenure of gold deposits is likely to be for a minimum of one year. The minimum quantity of deposits is pegged at 30 gram to encourage even small deposits. The gold can be in any form, bullion or jewellery.
Redemption: Customer will have the choice to take cash or gold on redemption, but the preference has to be stated at the time of deposit.
Conditions: The minimum quantity of gold that a customer can bring is proposed to be set at 30 grams, so that even small depositors are encouraged. Gold can be in any form (bullion or jewellery).
Utilization; The deposited gold will be utilized in the following ways:
Under medium and long-term deposit
Under short-term deposit
Tax Exemption: Tax exemptions, same as those available under GDS would be made available to customers, in the revamped GDS, as applicable.
Gold Reserve Fund: The difference between the current borrowing cost for the Government and the interest rate paid by the Government under the medium/long term deposit will be credited to the Gold Reserve Fund.
These schemes are in addition to the implementation Sovereign Gold Bond Scheme (SGBS) which was approved by the Union Cabinet. Under this scheme, bonds will be issued with an interest rate decided by Union Government and calculated on value at the time of investment.
By: Vishal ProfileResourcesReport error
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