Changes in Gold Monetization Scheme
Gold Monetization scheme was launched to mobilize the Idle Gold lying with Indian households & temples which is estimated up to 20000 tones & cut on India's gold import which may touch a gigantic 1000 ton a year thus reduce pressure on current account. Scheme will facilitate the depositors of gold to earn interest on their metal accounts. Once the gold is deposited in metal account, it will start earning interest on the same. The tenure of gold deposits is likely to be for a minimum of 1 year. The minimum quantity of deposits is pegged at 30 gram to encourage even small deposits. The gold can be in any form, bullion or jewellery. Gold collected will be cleaned & melted to measure purity at test centers. The bank will use these deposits to make loans to others and receives interest in return. The difference between the interest paid and received is the bank's income.
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