Zee Media Bureau
New Delhi: The Gold Monetisation Scheme (GMS) will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the Gold Deposit Scheme will be allowed to run till maturity unless the depositors prematurely withdraw them.
Here are a few things that will make you understand how you can benefit from the scheme.
Also read: PM Modi launches first 'India gold coin' and other gold schemes
Who an make deposits under GMS?
Resident Indians (Individuals, HUF, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations and Companies) can make deposits under the scheme.
Also read: What is Sovereign Gold Bond scheme and how does it work for you
What is the time limit of such deposits?
The minimum deposit at any one time shall be raw gold (bars, coins, jewellery excluding stones and other metals) equivalent to 30 grams of gold.
There is no maximum limit for deposit under the scheme.
Also read: What is Gold Coin or Bullion Scheme and how can you take advantage of it
Who will collect the gold?
The gold will be accepted at the Collection and Purity Testing Centres (CPTC) certified by Bureau of Indian Standards (BIS).
The deposit certificates will be issued by banks in equivalent of 995 fineness of gold.
The designated banks will accept gold deposits under the Short Term (1-3 years) Bank Deposit (STBD) as well as Medium (5-7 years) and Long (12-15 years) Term Government Deposit Schemes (MLTGD).
Is there any grievance body for customers?
Complaints against designated banks regarding any discrepancy in issuance of receipts and deposit certificates, redemption of deposits, payment of interest will be handled first by the bank’s grievance redress process and then by the Reserve Bank’s Banking Ombudsman.
