2. gold monetisation scheme is like a gold savings account. You would
generally keep your gold without any security at home or store it in
bank lockers by paying a maintenance fee. But instead of that, you
could keep your gold in any form in a gold monetization scheme
account and earn interest as the price of the precious metal goes up.
It was introduced by the central government only in 2015 -16.
Date of launching :- 5th November 2015
launched by :- PM Narendra Modi
Government Ministry :- ministry of Finance
3. Gold :- scheme is for gold
Monetisation :- earning from
gold
4. Around 20,000 ideal gold to our household.
To use this ideal gold , the gov. decided to
monetize this ideal gold.
To monetize this gold, you have to open a
Gold deposit account.
In which you can deposit gold in the form of
jewellery, bar or coin.
In return government will give interest
ranging from 2.25% to 2.50%.
5. Mobilization of the gold that is possessed by
the various households in the country.
To reduce the import of gold to meet
domestic demand.
To support and improve the gold and
jewellery sectors by providing gold loans
from banks.
To provide certificates to the depositors
mentioning the amount and purity of the gold
deposited.
6. Designated bank :- all the scheduled
commercial bank. You can open your gold
deposit account in any scheduled commercial
bank excluding RRBs.
Gold deposit account :- can deposit gold in
any physical form, like, jewellery, bar, coin.
Tenure :- 1. short term:- 1 to 3 years
2. medium term:- 5 to 7 years
3. long term :- 12 to 15 years
7. Eligible depositors :- all the resident indians
which include individuals, HUFs,
proprietorship and partnership firms, trusts
including Mutual funds/Exchange Traded
Funds registered under SEBI (Mutual Fund)
Regulations, companies, charitable
institutions, central government, state
government, or any other entity owned by
state government or central government.
8. Deposits of gold:-
1. at collection and purity testing centre
(CPTC) certified by BIS and notified by central
government.
2. designated bank branches (to be decided
by banks)
3. Minimum deposit- 30 grams
4. no maximum limit
9. Rate of interest :-
short term:- designated banks are free to
decide the rate of interest.
Medium term :- 2.25%
long term :- 2.50%
10. Banks will use the short term deposit to
maintain their SLR.
While the medium and long term gold will be
auctioned by the specified agencies and the
sales proceed will be credited to the
government’s account with RBI.
Redemption:- you can redeem the value in
the terms of gold or you can redeem the
value in terms of Indian National Rupee.
