Gold Monetisation Plan
Govt discontinues gold monetisation scheme; banks may continue: FinMin
The government has decided to discontinue the Gold Monetisation Scheme (GMS) starting from Wednesday in view of the evolving market conditions, the finance ministry said. However, the banks may continue their short term gold deposit schemes (1-3 years), the ministry said in the statement on Tuesday. Till November 2024, approximately 31,164 kilograms of gold have been mobilised under GMS. The Gold Monetisation Scheme was announced on September 15, 2015, with the objective to reduce country's reliance on the import of gold in the long run and mobilise gold held by households and institutions in the country to facilitate its use for productive purposes. The GMS is comprised of 3 components -- Short Term Bank Deposit (1-3 years); Medium Term Government Deposit (5-7 years), and Long-Term Government Deposit (12-15 years). "Based on the examination of the performance of the Gold Monetisation Scheme (GMS) and evolving market conditions, it has been decided to discontinue the Medium Term a
 "Govt discontinues gold monetisation scheme; banks may continue: FinMin")
Only 21 tonnes mobilised under gold monetisation scheme in 8 years
Gold loan market expected to shift to organised sector: WGC report
 "Only 21 tonnes mobilised under gold monetisation scheme in 8 years")
Premature redemption under gold monetisation payable only in rupees: RBI
'Any premature redemption of Medium and Long Term Government Deposit (MLTGD) would be only in Indian rupee'
 "Premature redemption under gold monetisation payable only in rupees: RBI")
Finance Ministry asks RBI to ensure a higher dividend for govt in FY22
RBI advises against any change in inflation goalposts, monetary policy targets
 "Finance Ministry asks RBI to ensure a higher dividend for govt in FY22")
Govt seeks industry suggestions to improve Gold Monetisation Scheme
In 2015, the government had launched the Gold Monetisation Scheme to mobilise the yellow metal held by households and institutions in the country
 "Govt seeks industry suggestions to improve Gold Monetisation Scheme")
Niti for considering deposits under gold monetisation scheme as CRR
The committee also recommended that the transfer of gold collected under the scheme should be exempt from the purview of GST
 "Niti for considering deposits under gold monetisation scheme as CRR")
Metal withdrawal eased in gold monetisation plan
The Reserve Bank of India allowed redeeming gold under the scheme when the deposit is for the medium or long term
 "Metal withdrawal eased in gold monetisation plan")
