Amendment of Gold Monetisation Scheme by RBI

New Delhi: The Reserve Bank of India (RBI) today made changes in the Gold Monetisation Scheme (GMS) by adding the list of entities eligible to deposit under the scheme.

According to the new rule, charitable institutions, central government, state government or any other entity owned by central or state government can make deposits under the scheme.

In addition to it the new rule also allows resident proprietorship and partnership firms, trusts including mutual funds/exchange traded funds registered under SEBI to deposit under GMS, RBI said in a statement.

“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,” it said.

GMS was launched in 2015 with the objective of mobilising the gold held by households and institutions in the country.

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Upasana Bidika
Upasana Bidika has completed her Master Degree in Law from KIIT School of Law. However she has carved a niche for herself as a journalist. She can be contacted at upasna.bidika@gmail.com