Reserve Bank of India

22.10.2015

Banking

Reserve Bank of India (Gold Monetization Scheme) Direction, 2015.

MANU/RMIC/0370/2015

Reserve Bank of India has introduced a ‘Gold Monetization Scheme’, amending the ‘Gold Deposit Scheme’ and ‘Gold Metal Loan Scheme’. It encompasses Directions setting criteria for gold deposit, valuation and payment. The Central Government is required to notify a list of BIS certified Collection and Purity Testing Centres to handle gold deposited and redeemed under the Scheme. It is hoped if the Scheme proves popular it will reduce India’s reliance on gold imports in the long run.

Relevant

Direction on implementation of Gold Monetisation Scheme (GMS), 2015 MANU/RPRL/0172/2015
Guidelines on Import of Gold by Nominated Banks / Agencies MANU/APDR/0025/2015

Tags : Gold monetize scheme 2015 imports

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