Govt urges banks to show results in existing gold monetisation scheme

Refineries and hallmarking centres have told the govt in the past that a few tons of gold can easily be mobilised under the GMS once banks sign the tripartite agreement

In a meeting held on Friday, finance ministry officials asked banks to show results in the existing gold monetisation scheme (GMS) said a bank official having knowledge of the development.
 
The scheme has not seen much success since its launch in November 2015, and just about 15 tonnes of gold have been mobilised.
 
Ministry officials told leading public sector and private sector bank executives that they should ensure that idle gold is deposited under the scheme and that there was "no revamped GMS coming in the next three months". Whatever changes in GMS and any other gold schemes