Comments
Prime Minister Narendra Modi will launch four mega gold related schemes on November 5. These include the Gold Monetisation Scheme (GMS), Gold Sovereign Bond Scheme, Gold Coin Scheme and the Gold Bullion Scheme.
The GMS will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the Gold Deposit Scheme will be allowed to run till maturity unless the depositors prematurely withdraw them, an official release said.
The minimum deposit at any one time shall be raw gold (bars, coins, jewellery excluding stones and other metals) equivalent to 30 grams of gold of 995 fineness. There is no maximum limit for deposit under the scheme.
Under the Gold Sovereign Bond scheme, applications for the bond will be accepted from November 5 to November 20. The bonds will be issued on November 26, and will be sold through banks and designated post offices as may be notified.
The borrowing through issuance of the bond will form part of market borrowing programme of the Government.
The launch of the Indian gold coin is a part of the gold monetisation programme.
The coin will be the first ever national gold coin and will have the National Emblem of Ashok Chakra engraved on one side, the release said. Initially the coins will be available in denominations of 5 and 10 grams. A 20 gram bar/bullion will also be available.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.