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Gold Monetisation Scheme -2015

Allied Laws - F.NO.20/6/2015-FT(PT.7) - Dated:- 3-2-2016 - NOTIFICATION F.NO.20/6/2015-FT(PT.7) DATED 3-2-2016 The Central Government, with a view to provide different options to the people to monetize the privately held stock of the gold, hereby notifies the 'Gold Monetisation Scheme-2015' comprising the 'Revamped Gold Deposit Scheme' and the 'Revamped Gold Metal Loan Scheme', which are hereby linked together as announced in the Union Budget 2015-16 and accordingly, the .....

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equires- (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, 1949, excluding Regional Rural Banks that decide to implement the Scheme; (c) "Gold Deposit Account" means an account opened with a designated bank un .....

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ount of the Central Government for a long term period of twelve to fifteen years or for such period as may be decided from time to time by the Central Government; (f) "Refiners" means the refiners licensed by Bureau of Indian Standards and notified by the Central Government for the purpose of handling gold deposited and redeemed under Gold Monetisation Scheme; (g) "Collection and Purity Testing Centre" means the collection and assaying centres certified by the Bureau of India .....

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vided 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 .....

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stomer norms, as applicable and such account shall be denominated in grams of gold. Transfer of Gold to the Refiners 7. (1) The Collection and purity testing centres shall send the gold to the refiners and the refiners shall keep the gold in their ware-houses, unless the banks prefer to hold it themselves. (2) For the services provided by the refiners, they shall be paid a fee by the banks, as decided by them, mutually and the customer shall not be charged. Legal Agreement 8. The banks may enter .....

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ed 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 .....

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