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Changes in Gold monetization scheme
Why is it in the news?
- The Reserve Bank of India (RBI) Wednesday made some changes in the Gold Monetisation Scheme (GMS) by including charitable institutions and the central government, among other.
More in the news
- In 2015, the government launched the GMS to mobilise the gold held by households and institutions in the country.
- The scheme allows banks' customers to deposit their idle gold holdings for a fixed period in return for interest in the range of 2.25-2.50%.
- Joint deposits of two or more eligible depositors are also allowed under the scheme and the deposit in such case shall be credited to the joint deposit account opened in the name of such depositors.
- The existing rules regarding joint operation of bank deposit accounts including nominations will be applicable to these gold deposits.
- Apart from individual and joint depositors, the scheme could now be availed by:1.Charitable institutions,2.The central government,3.The state government,4.Any other entity owned by the central government or the state government.
Source
The Hindu.