April 19, 2024 16:48 (IST)
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Gold monetisation scheme liberalized for potential depositors:Finance Ministry
New Delhi, Apr 2 (IBNS) The Union government, which launched the Gold Monetisation Scheme (GMS) on Nov 5, 2015, announced on Thursday that it has modified the scheme on Mar 31 to facilitate monetization of gold by people.
According to the latest modification, for the gold deposited under Medium and Long Term Government Deposits (MLTGD), the redemption of principal at maturity shall, at the option of the depositor, be either in Indian Rupee equivalent of the value of deposited gold at the time of redemption or in gold.
Where the redemption of the deposit is in gold, an administrative charge at a rate of 0.2% of the notional redemption amount in terms of INR shall be collected from the depositor.
However, the interest accrued on MLTGD shall be calculated with reference to the value of gold in terms of Indian Rupees at the time of deposit and will be paid only in cash.
The ministry expects that the above modification will make the scheme more attractive for potential depositors.
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