<h1>Gold monetisation scheme changes permit premature redemption and direct refiner deposits, relax licensing and clarify fees and tax exemptions</h1> Modifications to the Gold Monetisation Scheme permit premature redemption of medium and long term deposits subject to reduced interest, allow banks to charge service fees covering purity testing and refining, and enable direct deposit to refiners alongside CPTCs. BIS relaxed refiner experience requirements and invited jewellers to act as collection centres with refiner tie-ups. Gold may be recorded to three decimals and of any purity, with CPTCs/refiners certifying purity. Banks may hedge short-term deposits; interest calculation and lending against deposits are clarified. Tax exemptions for interest and capital gains under the scheme are maintained.