Gold Monetization: The government has closed the Gold Monetization Scheme, which started 10 years ago. However, banks can continue it for short periods according to their own. The government brought this scheme from promoting digital gold in the country and the purpose of reducing gold imports. So what has happened that came to close the scheme and the biggest question is when those who have invested money in the Gold Monetization Scheme will get their gold when, how and in what form. Let’s know.
GM scheme closed
The government has discontinued the Gold Monetization Scheme (GM). This decision has been taken in view of the changing market situation. This decision has been taken in view of the performance of the scheme. Banks can continue the scheme for short periods. Banks can continue the scheme according to commercial benefits. The scheme started in November 2015. It started with Sovereign Gold Bond. There are about 30000 tonnes of gold in Indian homes.
Why didn’t GMS run?
People have emotional connection with gold in our country. Apart from this, its process is also difficult. Fear of disclosure and tax keeps people away from this scheme. Also, awareness among people is also less. In India, people have emotional connection with gold. There is also a practice to inherit gold. The jewels were melted in the scheme. Most people are not in favor of melting gold. The process of its investigation and deposit was long and difficult. Centers were also very low to check gold. The depositor had to declare holding. People also had to pay interest on gold. There was also a lack of awareness among people about the scheme.
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What do GMS figures say?
A total of 5693 people deposited gold under the Gold Monetization Scheme (GM). The total amount of gold deposited under the scheme was 31164 kg. 13926 kg for long periods and 9728 kg for medium period was deposited. While 7509 kg of gold was deposited for a short period.