Prime minister Nare-ndra Modi will launch four gold schemes gold monetisation scheme (GMS), gold sovereign bond scheme, gold coin scheme and the gold bullion scheme on Thursday.
Prime minister Nare-ndra Modi will launch four gold schemes gold monetisation scheme (GMS), gold sovereign bond scheme, gold coin scheme and the gold bullion scheme on Thursday.
Gold Monetisation Sc-heme (GMS) will replace the existing Gold Depo-sit Scheme, 1999. How-ever, the deposits outstanding under the gold deposit scheme will be allowed to run till maturity unless the depositors prematurely withdraw them.
Resident Indians can make gold deposits under GMS. The minimum deposit at any one time will be raw gold (bars, coins, jewellery excluding stones and other metals) equivalent to 30 grams of gold of 995 fineness. There is no maximum limit for deposit under the scheme.
The gold will be accepted at the collection and purity testing centres certified by Bureau of Indian Standards (BIS).The deposit certificates will be issued by banks in equivalence of 995 fineness of gold.
The principal and interest of the deposit under the scheme will be denominated in gold. The banks will accept gold deposits for different terms: short (1-3 ye-ars), medium (5-7 years), and long (12-15 years).
