The Gold Monetization Scheme was first addressed during the Union Budget 2015-16 by the Union Cabinet in accordance with PM Narendra Modi. Gold Monetization Scheme (GMS) was launched by the Government of India on 5th November 2015 as an initiative for mobilizing the gold lying in Indian households and using it for productive purposes.
OVERVIEW OF GOLD MONETIZATION SCHEME
|Name||Gold Monetization Scheme|
|Also known as||GMS|
|Launched by||PM Narendra Modi|
|Date of launching||5 November 2015|
|Replaced scheme||Gold Deposit Scheme (GDS), 1999|
|Nodal Ministry||Ministry of Finance|
|Interest||For 1 year : 0.50% p.a. Above 1 year up to 2 years : 0.55% p.a. Above 2 years up to 3 years : 0.60% p.a.|
|Objective||Promote gold sector in the country by providing bank loans|
OBJECTIVE AND BENEFITS OF GOLD MONETIZATION SCHEME
The Gold Monetization Scheme (GMS) is an initiative taken by the Government of India for the utilization of unused gold in productive use and also in the economy for its development.
Some of the major objectives of the Gold Monetization Scheme are:
•Mobilization of the gold that is possessed by the various households in the country.
•To reduce the import of gold to meet domestic demand.
•To support and improve the gold and jewelry sectors by providing gold loans from banks.
•To provide certificates to the depositors mentioning the amount and purity of the gold deposited.
HOW TO APPLY FOR GOLD MONETIZATION SCHEME
Every basic details are mentioned in link below:
•Rate of Gold in India