MANU/RMIC/0370/2015

Ministry : Reserve Bank of India

Department/Board : Department of Banking Regulation

Circular No. : DBR.IBD.No.45/23.67.003/2015-2016
                   RBI/2015-2016/211

Date : 22.10.2015

Notification/ Circulars Referred : Circular A.P.(DIR Series) Circular No.79 dated February 18, 2015 MANU/APDR/0025/2015

Citing Reference:
Circular A.P.(DIR Series) Circular No.79 dated February 18, 2015 MANU/APDR/0025/2015  Referred

Gold Monetisation Scheme, 2015

In exercise of the powers conferred on the Reserve Bank of India (RBI) under Section 35A of the Banking Regulation Act, 1949 and in pursuance of the Central Government notification issued vide Office Memorandum F.No.20/6/2015-FT dated September 15, 2015 regarding "Gold Monetization Scheme (GMS)", the RBI being satisfied that it is in the public interest, so to do, hereby issues this Direction to all Scheduled Commercial Banks (excluding Regional Rural Banks).

CHAPTER - I

PRELIMINARY

1.1 Objective

GMS, which modifies the existing 'Gold Deposit Scheme' (GDS) and 'Gold Metal Loan Scheme (GML), is intended to mobilise gold held by households and institutions of the country and facilitate its use for productive purposes, and in the long run, to reduce country's reliance on the import of gold.

1.2. Short title and commencement

i. This Direction shall be called the Reserve Bank of India (Gold Monetization Scheme) Direction, 2015.

ii. All Scheduled Commercial Banks excluding RRBs will be eligible to implement the Scheme.

iii. The banks intending to participate in the S........