It is said that “all that glitters is not gold”. Yes, that is true, but even gold with all its glitters is of no use when kept idle. The Gold Monetization Scheme, as introduced by the government of India, aims to monetize gold so that it earns interest.
Objective and features of the Gold Monetization Scheme
The basic objective of this scheme is to mobilize gold held by households and institutions in the country and put them to productive use. The scheme aims to bring down the import of gold in the long term.
The scheme will provide the investor with the opportunity to earn interest on the amount of gold deposited.
Seven FAQs on Gold Monetization Scheme
1. What kind of gold can be deposited under the scheme? What is the minimum and maximum quantity which can be deposited?
Gold in any form, bullion or jewelry can be deposited. However jewelry with embedded stones are not be accepted. The minimum amount of gold which will be accepted as a deposit is 30 grams of 995 fineness. There is no upper limit for deposition.