 "What is Gold Monetisation Scheme?")
Gold Monetisation Scheme
What is Gold Monetisation Scheme?
The gold monetisation scheme was launched in 2015 by the government with an aim to mobilise gold and facilitate its use for productive purposes, which further in the long run will also help in reducing India's dependability on gold imports. India is the second largest importer of gold. The movement of the gold scheme will ease the government's burden to bear the cost of borrowing and will also supplement the RBI's gold reserve.
Gold Monetisation Scheme explained
The Gold Monetisation Scheme or GMS modifies the existing Gold Deposit Scheme or Gold Metal Loan Scheme. Investors can make term deposits of their idle
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Latest Updates on Gold Monetisation Scheme
Only 21 tonnes mobilised under gold monetisation scheme in 8 years
Gold loan market expected to shift to organised sector: WGC report
 "Only 21 tonnes mobilised under gold monetisation scheme in 8 years")
Government monetised enemy properties worth Rs 3,400 crore, says official
The government has earned over Rs 3,400 crore from disposal of enemy properties, mostly movable assets like shares and gold, officials said
 "Government monetised enemy properties worth Rs 3,400 crore, says official")
Premature redemption under gold monetisation payable only in rupees: RBI
'Any premature redemption of Medium and Long Term Government Deposit (MLTGD) would be only in Indian rupee'
 "Premature redemption under gold monetisation payable only in rupees: RBI")
Govt seeks industry suggestions to improve Gold Monetisation Scheme
In 2015, the government had launched the Gold Monetisation Scheme to mobilise the yellow metal held by households and institutions in the country
 "Govt seeks industry suggestions to improve Gold Monetisation Scheme")
Towards a sensible gold policy
The industry should not be overregulated in the name of developing it or curbing black money
 "Towards a sensible gold policy")
Now, banks can directly buy gold from depositors for monetisation plan
With relaxation, one can also deposit with refiners and purity testing centres
 "Now, banks can directly buy gold from depositors for monetisation plan")
Second phase of gold reforms on govt's priority list, revamped GMS on cards
The government is also considering making gold as an asset class, a source said
 "Second phase of gold reforms on govt's priority list, revamped GMS on cards")
Glitter back for gold monetisation scheme; banks to open metal account
If gold deposited upon maturity is returned in a cash equivalent, many temples would stay away from depositing gold
 "Glitter back for gold monetisation scheme; banks to open metal account")
Govt may announce changes in gold monetisation scheme in next few days
The country's largest lender, State Bank of India, is expected to be asked to identify at least 10 branches for this
 "Govt may announce changes in gold monetisation scheme in next few days")
Incentivise banks to promote gold monetisation: India Gold Policy Centre
The paper quotes a nation-wide survey-based study of 1,171 households as well as an interview-based study of senior management of six banks, five gold refiners and one industry consultant
 "Incentivise banks to promote gold monetisation: India Gold Policy Centre")
Immediately pay interest on gold under GMS: RBI to banks
Gold can be deposited under GMS with a designated bank in the account of the Central govt
 "Immediately pay interest on gold under GMS: RBI to banks")
Efforts on to revive Gold Monetisation Scheme
Options being discussed over reluctance of banks and loans from GMS deposits
 "Efforts on to revive Gold Monetisation Scheme")
Govt mobilises 6.4 tonne gold under monetisation scheme: Arun Ram Meghwal
Scheme intends to mobilise idle gold held by households so that wealth can be put to productive use
 "Govt mobilises 6.4 tonne gold under monetisation scheme: Arun Ram Meghwal")
Lack of incentives led to poor response for GMS: IIM-A's IGPC
IGPC interviewed top bank officials, refineries to grasp challenges of the policy and implications
 "Lack of incentives led to poor response for GMS: IIM-A's IGPC")
Price slump fails to revive gold demand in India; discounts don't cut it
People do not have cash to buy gold in rural areas, while urban consumers are in holiday mood
 "Price slump fails to revive gold demand in India; discounts don't cut it")
Sovereign gold bonds worth 14 tonnes in six tranches
5.7 tonnes collected under gold monetisation scheme
 "Sovereign gold bonds worth 14 tonnes in six tranches")
MMTC to auction gold collected under monetisation scheme
The proposal to auction gold was discussed in a meeting recently by commerce and finance ministries, sources said
Tirumala temple explores gold schemes with high interest rates
The temple recently deposited 1,311 kg pure gold bars with Punjab National bank under new Gold Monetisation Scheme
 "Tirumala temple explores gold schemes with high interest rates")
Why is the gold monetisation scheme not taking off?
Banks still lukewarm; changes needed in norms for jewellers and refinery margins, among others
 "Why is the gold monetisation scheme not taking off?")
Akshay Tritiya: Have your cake and eat it too
Look at gold bonds or gold monetisation scheme instead of buying physical gold
 "Akshay Tritiya: Have your cake and eat it too")
