Gold Deposit Scheme

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....old to prepare their own Gold Deposit Schemes. 2. The Central Government (Department of Financial Services, Ministry of Finance) has now issued a Notification No. G.S.R. 46(E) dated January 24, 2013 enabling Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations to deposit part of their gold with the banks under the scheme. 3. In view of the above, the guidelines enclosed with our circular dated October 5, 1999 for operation of the Gold Deposit Scheme have been modified as under: (i) Under para 5, presently the banks may either issue a passbook/statement of account or a certificate/bond to the depositors for deposit of gold, which will be transferable by endorsement and delivery. In terms of the Gover....

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....e within a maturity range from three to seven years. It has now been decided to change the maturity period, of gold deposits, ranging from six months to seven years. (v) Para 22 mandates that details of the scheme designed date from which it will be operational and the branches from which it will be operated, may be advised by the banks proposing to introduce a gold deposit scheme to RBI for obtaining its approval. It has now been decided that authorised banks would not be required to obtain prior approval of RBI for introducing the scheme. Banks should, however, inform the details of the scheme including names of branches operating the scheme to RBI. Banks would be required to report the gold mobilised under the scheme by all bran....