Upcoming B2B Gems & Jewellery Exhibition- 19th - 20th - 21st January 2019. Bangalore.

GMS gives choices to depositor!

2016-04-07


According to the latest notification on Gold Monetisation Scheme, 2015, the depositor have own choice to ask for gold or cash at the maturity. The existing sub-paragraph 2.2.2 (v) was amended & to learn, ‘The redemption of principal at maturity shall, at the option of the depositor, be either in Indian Rupee equivalent of the value of deposited gold at the time of redemption, or in gold.’

Further, where the redemption of the deposit is in gold, an administrative charge at a rate of 0.2% of the notional redemption amount in terms of INR shall be collected from the depositor. However, the interest accrued on MLTGD shall be calculated with reference to the value of gold in terms of Indian Rupees at the time of deposit and will be paid only in cash.