Gold Monetization Scheme: The Finance Ministry announced the closure of moderate and long -term government deposits from 26 March on 25 March, 25 March. The decision is taken after a comprehensive review of the performance and changing market conditions of the plan.
Source of income from unused sleep
The Golden Monetization Scheme was launched on 15 September 2015. Its objective is to reduce the country’s dependence on gold imports and earn money on unused gold by homes and institutions. The scheme includes three categories. -Short-term bank deposit (1-3 years), medium term government deposits (5-7 years) and long-term government deposits (12-15 years)
What is the interest rate?
Investors can earn interest by depositing unused gold in their homes in banks or recognized institutions. In which up to 2.25 percent on medium duration deposits and up to 2.50 percent on long term deposits, annual interest is received. In which a minimum of 10 grams of gold can be deposited. However, due to the closure of the medium period and long -term deposit schemes, only short -term deposits are now available.
Medium and long -term deposits will not be accepted.
According to the announcement made by the Central Government yesterday, from 26 March, deposits will not be accepted under any official collection and purity testing center, Golden Mudification Scheme Collection and Testing Agents and Long -term government deposits in testing agents and bank branches.
The redemption of already accumulated deposits continues
The redemption of already deposited deposits in both these categories will continue according to the existing guidelines and RBI master instructions. The Finance Ministry said that the option of short -term bank deposit will be available. Its availability will depend on the assessment of the commercial capacity of the concerned bank. Guidelines in this regard are expected to be released soon.
