Gold Monetisation Scheme: This is what the government is planning to do; Know benefits of GMS scheme

New rules likely on the gold lying in your homes. The government is planning to make some big changes on gold monetisation according to sources. Under the new rules, the government could bring all the PSU banks under the ambit of this scheme. It will likely be mandatory for all the state-run banks to have at least 50 per cent of their branches for supporting the GMS (Gold Monetisation Scheme) services.  

The government may even allow jewellers to provide services related to gold deposits. The banks will be able to take gold deposits through the jewellers.

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The government intends to bring maximum people under the benefits of this scheme.

People will be allowed to deposit gold as low as 10 gm.

Under this scheme, people could be allowed to avail loans. It will be easier to take loans on GMS.
To ensure standard practices in the GMS scheme the government may allow accreditation by Indian Standard Delivery.

Many state-run banks Including the State Bank of India (SBI) and Punjab National Bank (PNB) are already offering this service.

What is Gold Monetisation Scheme?

While Gold Monetisation Scheme is a good way to earn some income from the unused gold lying in you homes, you must know more about it in detail and also its advantages.

Under the GMS scheme, one is allowed to deposit jewellery, gold coins and Gold bars with the banks. In lieu of this, the banks are offering an interest income at the rate of 2.25 per cent of the value of the gold per annum.

This is being done to bring the gold lying in the homes of individuals in the formal system. It is estimated that around 25,000 tn of gold is stocked by the households.

The depositor can take delivery of this gold or may also opt for cash after the maturity period. There is also an option to melt jewellery and return it.