<h1>Central Government's Gold Deposit Scheme: Circulate Private Gold, Reduce Imports, Offer Tax-Exempt Earnings, Support Jewelry Sector.</h1> The Gold Deposit Scheme (GDS), notified by the Central Government, aims to circulate privately held gold, reduce gold imports, and provide income to gold owners while addressing storage and security issues. Designated banks can operate GDS following RBI guidelines, accepting gold in scrap form from resident Indians. Depositors receive a passbook or certificate, with repayment in gold or its rupee equivalent at maturity. Premature withdrawal is possible after a lock-in period. Banks set interest rates, and earnings are tax-exempt. The scheme supports domestic jewelry through gold loans and seeks to curb the Current Account Deficit.