Govt may announce changes in gold monetisation scheme in next few days

The government is planning a relaunch of the gold monetisation scheme (GMS), launched three years ago, because of its slow progress.

The finance ministry is likely to announce changes in the GMS in the next few days, according to sources.

The relaunch will identify 40-50 cities where banks will push the scheme and there will be one designated branch for accepting gold deposits, which will be based on the certificate provided by the collection centre. 

The country’s largest lender, State Bank of India, is expected to be asked to identify at least 10 branches for this.

The scheme, which offers