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Gold Monetisation Scheme (GMS)
January 12 , 2019
2016 days
752
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- The RBI has made changes with the Gold Monetisation Scheme (GMS) to allow
- Charitable institutions,
- Central government entities and
- State government entities
to deposit gold under the GMS.
- The ambit of the scheme was expanded to,
- Bring out the unaccounted gold with the charitable institutions.
- Enable the government agencies to deposit gold which they had confiscated.
Background
- The GMS was launched with the tagline “Earn, while you secure”.
- The scheme provides the dual benefit of interest (denominated in gold) on the gold deposited and an option of encashing the gold at maturity.
- All the scheduled commercial banks except the RRBs are authorised to implement the scheme.
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