- The Reserve Bank of India (RBI) has made changes with the Gold Monetisation Scheme (GMS) to permit charitable institutions, central government entities and state government entities to deposit gold beneath GMS.
- Now the entities allowed to deposit gold beneath the scheme embrace Resident Indians [Individuals, HUFs, Proprietorship & Partnership firms, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations, Companies, charitable institutions, Central Government, State Government or any other entity owned by Central Government or State Government].
Gold Monetisation Scheme
- The Gold Monetisation Scheme was launched with the tagline Earn, when you safe. The scheme supplies the twin good thing about, curiosity (denominated in gold) on the gold deposited and an choice of encashing the gold at maturity. All of the scheduled commercial banks besides the RRBs are authorised to implement the scheme.
- The gold deposits might be made beneath three time period deposit plans:
- Quick time period:1 to three years
Medium time period:5 to 7 years
Long term:12 to 15 years
Quick-term deposit rates are decided by the banks involved, whereas the medium and long-term deposit rates of interest are decided by the Central Authorities.
- The minimum deposit one can make in a gold monetisation scheme is 30 grams of any purity and there’s no most restrict. The capital features from the scheme are exempted from capital gains tax, wealth tax and income tax.