Gold Certificate definition updated: dematerialised receipts and expanded depositor eligibility enable mutual funds and ETFs to deposit gold. The amendment expands depositor eligibility to include trusts, mutual funds and ETFs and confirms that designated banks may operate the Scheme under Reserve Bank Guidelines. It defines Gold Certificate as the final receipt, including in dematerialised form, issued after the gold is assayed and accepted. Upon acceptance, the bank shall, at the subscriber's option, issue a Gold Certificate, Statement of Account, or Passbook. Gold Certificates are transferable by endorsement and delivery, and dematerialised certificates are subject to depository transfer rules.
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Provisions expressly mentioned in the judgment/order text.
Gold Certificate definition updated: dematerialised receipts and expanded depositor eligibility enable mutual funds and ETFs to deposit gold.
The amendment expands depositor eligibility to include trusts, mutual funds and ETFs and confirms that designated banks may operate the Scheme under Reserve Bank Guidelines. It defines Gold Certificate as the final receipt, including in dematerialised form, issued after the gold is assayed and accepted. Upon acceptance, the bank shall, at the subscriber's option, issue a Gold Certificate, Statement of Account, or Passbook. Gold Certificates are transferable by endorsement and delivery, and dematerialised certificates are subject to depository transfer rules.
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