InvestorQ : What is the latest RBI clarification on the gold monetization schem of 2015?
Mary Joseph made post

What is the latest RBI clarification on the gold monetization schem of 2015?

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Arusha Ray answered.
1 week ago
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In its latest clarification, the RBI has made it clear that the premature redemption under the Gold Monetisation Scheme (GMS) of 2015 would only be payable in Indian rupees. It clarified that the depositors would have the option to get physical delivery in gold only on maturity under the normal course of things.

The purpose of the Gold Monetisation Scheme (GMS) 2015 was to mobilise idle gold held by households and institutions. Indian households are believed to hoard 22,000 tonnes of gold. By putting such idle gold to productive use, India can effectively save billions in forex that we pay to import gold. Medium term GMS bonds are for 5-7 years and long term bonds under GMS are for 10-12 years.

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