Glitter back for gold monetisation scheme; banks to open metal account

If gold deposited upon maturity is returned in a cash equivalent, many temples would stay away from depositing gold

The government is considering yet another major shift in the gold monetisation scheme (GMS). After allowing charitable institutions and government entities to deposit gold under the GMS, the Department of Economic Affairs (DEA) has mooted a proposal whereby banks will open a metal account for customers when gold is deposited under the GMS, confirmed three persons familiar with the development.

According to the existing norms, banks open a deposit account and upon maturity of medium- and long-term GMS deposits, customers are returned cash in their bank account. If metal accounts are opened, upon maturity, customers will get back gold. This