The government has changed its rules to further improve the gold monetization scheme. Jewelers are also being included in the new scheme along with all the government banks. In addition, the minimum investment limit has also been reduced to 10 grams of gold. It is expected that people will be interested in the new scheme, as well as it will also prove to be a game changer for the economy. Let us know how much the new scheme is going to be beneficial for you.
New gold monetization has arrived!
New guidelines have been released with several major changes in the Gold Monetization Scheme. In this, all PSU banks have been advised to participate in GMS. Now 1/3 branches of public sector banks will be made service branches. Private banks have also been advised to participate in GMS. Under this scheme one can deposit gold in banks. The gold deposited in banks gets an interest of 2.25 percent. Now the lower investment limit has been reduced from 30 grams to 10 grams. Jewelers have also been included in the new scheme. Jewelers will perform purity checks and collections.
What will happen in the new scheme?
All public sector banks have been advised to participate in the new scheme. 1/3 branches of banks will be made service branches. Private banks have also been advised to participate in the scheme. Lower investment limit in the scheme has been reduced to 10 grams of gold. Earlier it was necessary to invest at least 30 grams of gold. There is no upper limit for gold deposits in the scheme. Interest of 2.25% per annum will be given on the value of gold deposited. Portals and apps for the scheme will also be launched. SBI will be the custodian for MLRGD Gold. Now R-GDS certificates will be Tradable & Transferable and jewelers will be made Gold Mobilization Agents. In the new scheme, jewelers will perform purity checks and collections. Banks and refiners will have to tie up with CPTC. Banks will get 1 percent commission and 1.5 percent handling charge.
What is Gold Monetization Scheme?
There is an option to deposit gold kept in homes in banks. Through this, you can make some income on sleeping in the house. 2.25% per annum interest is also available on the market value of gold. Under this, you can deposit jewelery, gold coin and gold bars in banks. The Gold Monetization Scheme was launched in 2015. Its purpose was to bring out and use the gold of the houses and trusts. It has the option of depositing for 5-7 years in the medium term. At the same time, gold can be stored for 12 years in the long term.
Gamechanger for the economy
If these schemes are successful, then it can prove to be a game changer for the economy. Its purpose is to bring out the gold of homes, trusts and use it.
This will also benefit the gold owner as well as the income and economy. Through this, the use of gold lying in homes can be used for the growth of the country. According to a report, about 25,000 tonnes of gold is lying in houses and trusts. Import of gold will come down by reaching gold with banks. Reducing imports will help control CAD. The scheme will also benefit the jewelery sector along with banks.