Gold monetization scheme | Deposit Gold - Earning Interest - Encouraging Gold Recycling - Supporting the Economy - Key Features of the Gold Monetization Scheme
Gold monetization scheme The Gold Monetization Scheme (GMS) is a government-backed program introduced by the Government of India to mobilize the idle gold held by households and institutions in the country. Launched in 2015, the scheme aims to reduce the country's reliance on imported gold and put the precious metal to productive use. Key Features of the Gold Monetization Scheme: 1. Deposit Gold: Under the GMS, individuals and institutions can deposit their physical gold, including jewelry, coins, and bars, with banks authorized by the Reserve Bank of India (RBI). These deposits can be made in both short-term (1-3 years) and long-term (5-7 years) tenures. 2. Earning Interest: Depositors receive interest on their gold deposits. The interest rate varies depending on the tenure of the deposit. The interest can be in the form of cash or gold, as per the depositor's choice. 3. Safety and Security: Gold deposits under the GMS are kept in secure vaults, ensuring the safety o...