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Gold Monetization Scheme
March 31 , 2025
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- The Centre has discontinued the medium- and long-term deposits under the Gold Monetisation Scheme from March 26.
- The Gold Monetisation Scheme was launched in November 2015 to make idle gold productive.
- It let consumers to either sell their gold or store it with banks, so it could merge into the formal economy and reduce the country’s gold imports.
- GMS was a revamped version of an older Gold Deposit Scheme.
- It consisted of three components:
- Short-term bank deposit (1-3 years);
- Medium-term government deposit (5-7 years); and
- Long-term government deposit (12-15 years).
- The minimum deposit allowed was 10 gm of raw gold (bars, coins, jewellery excluding stones and other metals).
- There was no maximum limit for deposit under the scheme.
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