Union Government has acquired a staggering 1, 131 Kg of gold that 3014 crore under the Gold Monetisation Scheme.71 depositors were joined in the Scheme which aims to curb the black money and to bring out the gold of over 20, 000 tonnes neither traded nor monetized.
- The depositors will earn small interest of 2.5 % per annum. Initially the scheme was overcast however it started gaining depositors later on.
- Banks were authorised to collect gold for up to 15 years to auction them off or lend to jewellers from time to time.
- Collection and Purity Testing Centres were authorised to certify the physical Gold under the Scheme. A total of 46 such centres are involved in testing of Gold.
- The two trances scheme that were implemented with this scheme Sovereign Gold Bond Scheme so far 3,786 kg of the metal amounting to 992 crore have 3,80,617 investors.
Gold Monetisation Scheme:
- This Scheme would allow the depositors of gold to earn interest in their accounts, and it will replace Gold Deposit and Gold Metal Loan Schemes.
- Gold Monetisation Scheme facilitates the Depositors of Gold to earn interest on their Gold accounts.
- The bank accepts the physical gold after it is getting certified from the Purity Testing Centres Approved by the Government, the process of Depositing includes
- The Interest ranks shall be decided by Banks and they lend the physical Gold to the Jewellers through that they earn interest.