Medium and Long Term Deposit can be Redemmed in Gold IN GMS

The Central Government hereby amends the Gold Monetisation Scheme, 2015, published in the Gazette of India, Part 1, Section-1, dated 3rd February, 2016 vide notification of the Government of India in the Ministry of Finance, Department of Economic Affairs number 20/6/2015-FT (pt.7), dated the 3rd February, 2016, namely:

1. This Scheme shall be called the Gold Monetisation (Amendment) Scheme, 2016 and this amendment in the name of the Scheme shall come into effect from the date of its publication in the official Gazette.

2. (1) In the Gold Monetisation Scheme, 2015, in paragraph 11, for sub-paragraph (3), the following sub-paragraph shall be substituted, namely:

“(3) For Medium and long Term Government Deposits, redemption of principal at maturity shall, at the option of the depositor, be either in rupees equivalent of the value of deposited gold at the time of redemption or in gold; provided that where the redemption of the deposit is in gold, an administrative charge at a rate of 0.2 percent of the notional redemption amount in rupees shall be collected from the depositors; provided that the interest accrued on gold deposit for medium and long term shall be calculated with reference to the value of gold in terms of Indian Rupees at the time of deposit and shall be payable only in cash.”
Medium and Long Term Deposit can be Redemmed in Gold IN GMS

 (2) This amendment shall come into effect from the date of Reserve Bank of India’s Circular issued in this regard.

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