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Friday 23 October 2015

Reserve Bank of India Issues Rules To Operate Gold Monetisation Scheme : 22 Oct 2015

Reserve Bank of India today said the minimum deposit shall be raw gold equivalent to 30 grams of gold of 995 fineness under Gold Monetisation Scheme, 2015 (GMS). There is no maximum limit for deposit under the scheme. Prime Minister Narendra Modi will launch the scheme on November 05. The designated banks will accept gold deposits under the Short Term (1-3 years) Bank Deposit (STBD) as well as Medium (5-7 years) and Long (12-15 years) Term Government Deposit Schemes. While the former will be accepted by banks on their own account, the latter will be on behalf of Government of India, RBI said in a statement. There will be provision for premature withdrawal subject to a minimum lock-in period and penalty to be determined by individual banks. The GMS will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the old Gold Deposit Scheme will be allowed to run till maturity unless the depositors prematurely withdraw them. Resident Indians - Individuals, HUF, Trusts including Mutual Funds/Exchange Traded Funds can make deposits under the scheme. The deposit certificates will be issued by banks in equivalence of 995 fineness of gold. The principal and interest of the deposit under the scheme will be denominated in gold. The short term bank deposits will attract applicable cash reserve ratio (CRR) and statutory liquidity ratio (SLR). However, the stock of gold held by the banks will count towards the general SLR requirement.


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