Gold monetisation scheme expands deposit and lending options, allowing banks to accept gold and remunerate deposits in cash or gold. The Gold Monetisation Scheme links a Revamped Gold Deposit Scheme and Revamped Gold Metal Loan Scheme, permitting designated banks to open Gold Deposit Accounts in grams, accept bullion or jewellery after KYC and purity testing, and engage certified testing centres and licensed refiners. Deposits are available for distinct tenures with tenure-specific redemption and interest rules-short-term interest in gold grams set by banks; medium and long-term interest and bank fees set by the government and paid in rupees. Mobilised gold may be auctioned, credited to central bank reserves, used for coin minting, or lent to jewellers; prior tax exemptions apply and a Gold Reserve Fund captures the interest-borrowing spread.
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Gold monetisation scheme expands deposit and lending options, allowing banks to accept gold and remunerate deposits in cash or gold.
The Gold Monetisation Scheme links a Revamped Gold Deposit Scheme and Revamped Gold Metal Loan Scheme, permitting designated banks to open Gold Deposit Accounts in grams, accept bullion or jewellery after KYC and purity testing, and engage certified testing centres and licensed refiners. Deposits are available for distinct tenures with tenure-specific redemption and interest rules-short-term interest in gold grams set by banks; medium and long-term interest and bank fees set by the government and paid in rupees. Mobilised gold may be auctioned, credited to central bank reserves, used for coin minting, or lent to jewellers; prior tax exemptions apply and a Gold Reserve Fund captures the interest-borrowing spread.
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