Gold Monetisation Scheme to be revamped: Jaitley

The government will revamp the 'Gold Monetisation Scheme' and come out with a comprehensive policy on the precious metal, Finance Minister Arun Jaitley today said.

The revamping of the scheme is aimed at enabling people to open a hassle-free gold deposit account.

The minister also said that the government will establish a consumer-friendly and trade efficient system of regulated gold exchanges in the country.

"The government will formulate a comprehensive Gold Policy to develop gold as an asset class," he said adding "Gold Monetisation Scheme (GMS) will be revamped to enable people to open a hassle-free gold deposit account".

In 2015, the government launched the GMS with the objective of mobilising the gold held by households and institutions in the country.
 

The scheme allows a bank's customers to deposit their idle gold holdings for a fixed period in return for interest in the range of 2.25 per cent to 2.50 per cent.