Gold Monetisation Scheme -2015

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....nts from time to time. Short title and commencement 1. (1) This scheme shall be called the Gold Monetisation Scheme -2015 comprising the 'Revamped Gold Deposit Scheme' and the 'Revamped Gold Metal Loan Scheme' linked together. (2) It shall come into force from the date of launch of the Scheme. Definition 2. In this scheme unless the context otherwise requires- (a)   "Scheme" means the Gold Monetization Scheme, 2015 and includes the Revamped Gold Deposit Scheme and the Revamped Gold Metal Loan Scheme; (b)   "Designated bank" means each Scheduled Commercial Bank which is included in the second schedule of Reserve Bank Act, 1934 and regulated under Banking Regulation Act, 194....

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....rt term period of one to three years. Who can operate the scheme 3. All designated banks will be eligible to implement the Scheme. Who are eligible to make a deposit 4. (1) Resident Indians including Individuals, Hindu Undivided Families, Trusts including Mutual Funds or Exchange Traded Funds which are registered under the Securities and Exchange Board of India (Mutual Fund) Regulations, 1996, charitable institutions, Firms and Companies, may make deposits under the scheme.  (2) Joint deposits of two or more eligible depositors may be made under the scheme and the deposit in such case shall be credited to the joint deposit account opened in the name of such depositors. Collection, Purity Verification and Deposit of Go....

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....y of the options in the same manner as fixed deposit and a penalty on premature redemption (including part withdrawal) may be imposed. Interest rate 10. (1) The amount of interest rate payable for deposits made for the short-term period shall be decided by the banks on the basis of the prevailing international lease rates, other costs and market conditions and shall be denominated in grams of gold. (2) For the medium and long-term deposits, the rate of interest (and fees to be paid to the bank for their services) shall be decided by the government from time to time and the interest rate for the medium and long-term deposits shall be denominated and payable in rupees, based on the value of gold deposited. Redemption 11. (1) Fo....