RBI makes changes in Gold Monetisation Scheme

Mumbai: The Reserve Bank of India (RBI) Wednesday made some changes in the Gold Monetisation Scheme (GMS) by including charitable institutions and the central government, among other.

Apart from individual and joint depositors, the scheme could now be availed by charitable institutions, the central government, the state government or any other entity owned by the central government or the state government, the RBI said in a notification.

In 2015, the government launched the GMS to mobilise the gold held by households and institutions in the country.

The scheme allows banks' customers to deposit their idle gold holdings for a fixed period in return for interest in the range of 2.25-2.50 percent.