08 June 2018

RBI amends Gold Monetisation Scheme to make it more attractive

RBI amends Gold Monetisation Scheme to make it more attractive


RBI has made changes in the Gold Monetisation Scheme (GMS) to make it more attractive. The revamping of the scheme is aimed at enabling people to open a hassle-free gold deposit account. 

The short-term deposits should be treated as bank's on-balance sheet liability. These deposits will be made with the designated banks for a short period of 1-3 years (with a facility of rollover). Deposits can also be allowed for broken periods (e.g. 1 year 3 months; 2 years 4 months 5 days; etc.). 

Source- The Hindu Business Line


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