March 07, 2026 02:34 pm (IST)

Make this your homepage

All Finance

Sensex, Nifty tumble as global tensions and Dow selloff rattle Indian markets | Two IAF pilots killed as Su-30MKI fighter jet crashes in Assam | 'Who is the US to permit?': Congress slams Modi govt over Trump administration’s waiver on India’s Russian oil purchase | US makes surprise move: India gets 30-day waiver to buy Russian oil amid global supply crisis | India edge England by 7 runs in thriller to reach T20 World Cup 2026 final | 'Guest of India struck in international waters': Iran furious after US submarine torpedoes IRIS Dena | Bihar's 'Susashan Babu' Nitish Kumar announces exit as CM, set for Rajya Sabha debut | ‘Baseless’: India rejects claims US used its ports to strike Iran | Defiant silence: Iran women’s team refuses anthem days after Khamenei’s death | 'You’ll find out soon': Trump hints at massive retaliation after Riyadh attack, says ‘boots on ground’ may not be needed

Gold monetisation scheme liberalized for potential depositors:Finance Ministry

India Blooms News Service | | Apr 02, 2016, at 08:16 pm

#Gold monetisation scheme liberalized # potential depositors # Finance Ministry

New Delhi, Apr 2 (IBNS) The Union government, which launched the Gold Monetisation Scheme (GMS) on Nov 5, 2015, announced on Thursday that it has modified the scheme on Mar 31 to facilitate monetization of gold by people.

According to the latest modification, for the gold deposited under Medium and Long Term Government Deposits (MLTGD), the redemption of principal at maturity shall, at the option of the depositor, be either in Indian Rupee equivalent of the value of deposited gold at the time of redemption or in gold.

Where the redemption of the deposit is in gold, an administrative charge at a rate of 0.2% of the notional redemption amount in terms of INR shall be collected from the depositor.

However, the interest accrued on MLTGD shall be calculated with reference to the value of gold in terms of Indian Rupees at the time of deposit and will be paid only in cash.

The ministry expects that the above modification will make the scheme more attractive for potential depositors.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.

India
International

Related Images

Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:41 pm

Veedol signs former Indian skipper Sourav Ganguly as brand ambassador Jun 29, 2024, at 06:38 am

In Images: Glimpses from Bengali film Fatafati's premiere May 13, 2023, at 08:39 pm