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Draft Gold Monetization Scheme

Dated:- 20-5-2015 - I. Objective The objectives of the Gold Monetization scheme are: To mobilize the gold held by households and institutions in the country. To provide a fillip to the gems and jewellery sector in the country by making gold available as raw material on loan from the banks. To be able to reduce reliance on import of gold over time to meet the domestic demand. III. Scope The scheme requires a vast set-up of infrastructure for facilitating easy and secure handling of gold. For t .....

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n of the scheme is at Annexure-I. Draft GMS I. Purity Verification and Deposit of Gold Purity Testing Centres: There are at present 350 Hallmarking Centres that are Bureau of Indian Standards (BIS) certified spread across various parts of the country (List of the number of centres in each states is at Annexure-II). These centres may not necessarily be jewellers. They are engaged in certifying the purity of the gold that the jewellers manufacture on a daily basis and for which they charge a fee .....

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test, he can take his jewellery back at this stage. The time spent by the customer will be about 45 minutes in the centre up till this stage. Fire Assay Test: After receiving the customer s consent for melting the gold for conducting a further test of purity, at the same collection centre, the gold ornament will then be cleaned of its dirt, studs, meena etc. The studs will be handed-over to the customer there itself. Net weight of the jewellery will be taken after such removals and told to the .....

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o that centre; or he may agree to deposit his gold (in which case the fee will be paid by the bank). If the customer agrees to deposit the gold, then he will be given a certificate by the collection centre certifying the amount and purity of the deposited gold. Conditions: The minimum quantity of gold that a customer can bring is proposed to be set at 30 grams, so that even small depositors are encouraged. Gold can be in any form(bullion or jewellery). II. Opening of Gold Savings Account with t .....

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vings Account. The amount of interest rate to be given is proposed to be left to the banks to decide. Both principal and interest to be paid to the depositors of gold, will be valued in gold. For example if a customer deposits 100 gms of gold and gets 1 per cent interest, then, on maturity he has a credit of 101 gms. Redemption: The customer will have the option of redemption either in cash or in gold, which will have to be exercised in the beginning itself (that is, at the time of making the d .....

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refineries in the country. The laboratories of some of these refineries are NABL accredited which means that the process that they adopt is certified.BIS has been asked by this Department to ascertain if it can conduct accreditation of the products being produced in these refineries also. Transfer of gold to refineries: Purity Testing Centres will send the gold to the refiners. The refiners will keep the gold in their ware-houses, unless the banks prefer to hold it themselves. Payment: For th .....

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