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        Case ID :

        Gold Monetization Scheme: Deposits by Temple/Religious Bodies

        May 7, 2016

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        Eight (08) temples have deposited gold under Gold Monetization Scheme, 2015 so far and the State-wise details are as under:

        Name of the State

        Number of temples deposited gold under GMS

        Tamil Nadu

        04

        Maharashtra

        02

        Andhra Pradesh

        01

        Jammu and Kashmir

        01

        The Government does not intend to make it mandatory for temples to deposit in the scheme at any point of time in the future. Government have allowed redemption of long term and medium term deposits in the form of gold land the guidelines to this effect has been issued by RBI on 31st March, 2016.

        This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha.

        Gold Monetization Scheme: temples may deposit gold voluntarily and redeem in gold under prescribed guidelines. The Gold Monetization Scheme permits voluntary gold deposits by temples and religious bodies, with limited state-wise participation to date; the Government will not mandate deposits. Redemption of long term and medium term deposits is allowed in the form of physical gold, subject to prescribed guidelines issued by the monetary authority.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Gold Monetization Scheme: temples may deposit gold voluntarily and redeem in gold under prescribed guidelines.

                                The Gold Monetization Scheme permits voluntary gold deposits by temples and religious bodies, with limited state-wise participation to date; the Government will not mandate deposits. Redemption of long term and medium term deposits is allowed in the form of physical gold, subject to prescribed guidelines issued by the monetary authority.





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                                ActsIncome Tax
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