Gold worth Rs. 3000 crores deposited under GMS

The Government has netted a hefty 1,131 kg of gold valuing Rs 3,014 crore under the Gold Monetisation Scheme.


“Under the scheme 1,131 kilograms of gold valuing Rs 3,014 crore have been deposited by 71 depositors so far,” Minister of State for Finance Jayant Sinha said in a written reply to Lok Sabha. 

Depositors will earn up to 2.50 per cent interest per annum on the gold, a rate lower than savings bank deposits. As per the scheme launched on November 5, banks were authorised to collect gold for up to 15 years to auction them off or lend to jewellers from time to time. A total of 46 Assaying and Hallmarking Centres are qualified to act as Collection and Purity Testing Centres (CPTC) for handling gold under the scheme.

Sinha further said during the two tranches of Sovereign Gold Bond Scheme so far, 3,786 kilograms of the metal amounting to Rs 992 crore have been subscribed from 3,80,617 investors.

Questions:
1. What is the rate of interest offered under GMS?
2. How much gold deposited under GMS Scheme?


Source: The Pioneer
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