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Modifications in the Gold Monetization Scheme
Posted on: 02/Apr/2016 11:55:44 AM
The Finance Ministry has mentioned that it will bring modifications in the Gold Monetization Scheme in order to attract people.
Government had launched the Gold Monetization Scheme (GMS) on 5th November, 2015. Thereafter a number of modifications have been made in the scheme to facilitate monetization of gold by people. The scheme has been further modified on 31st March, 2016.
Now the government has further eased norms for the gold monetization scheme, giving investors the option to redeem the principal amount in medium - and long-term deposits either in gold or in rupees. Where the redemption of the deposit is in gold, an administrative charge at a rate of 0.2 per cent of the notional redemption amount in rupee terms will be collected from the depositor.
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