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Modifications in the Gold Monetisation Scheme

News and Press Release - Dated:- 25-1-2016 - Government had launched the Gold Monetisation Scheme (GMS) on 5th November, 2015. Thereafter a number of suggestions have been received to make the scheme easier for the customers to participate. Accordingly, in consultation with Government, RBI has issued a Master Direction on GMS on 21st January, 2016, which amends the Master Direction dated 22nd October, 2015 earlier issued by RBI on GMS.The changes made in the scheme are given below:- 1) Premature .....

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de the charges payable to the Collection and Purity Testing Centres/Refiners. 3). Gold depositors can also give their gold directly to the refiner rather than only through the Collection and Purity Testing Centres (CPTCs). This will encourage the bulk depositors including Institutions to participate in the scheme. 4) Bureau of Indian Standards (BIS) has modified the licensing condition for refiners already having National Accreditation Board for Testing and Calibration Laboratories (NABL) accred .....

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mer better value for the gold deposited. 7). Gold to be deposited with the CPTCs/Refineries can be of any purity. The CPTC/Refiner will test the gold and determine its purity which will be basis on which the deposit certificate will be issued. 8). Banks are free to hedge their positions in the case of short-term deposits. 9). Issues like the method of interest calculation and mechanism for taking loans against GMS deposits have also been clarified. Indian Banks Association (IBA) will communicate .....

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