Important Details You Lot Should Know Most Three Gilt Schemes Launched Past Times Pm Modi

To trim back physical gilded need together with luring tonnes of gilded from households into the banking system, Prime Minister Narendra Modi today (5th Nov 2015) launched three Gold related Schemes. The 3 schemes launched past times modi are,
  1. Gold Monetisation Scheme (GMS)
  2. Gold Sovereign Bond Scheme together with
  3. Gold Coin together with Bullion Scheme.
Modi every bit good unveiled the First e’er national gilded money minted inwards Republic of Republic of India with the national emblem of Ashok Chakra engraved on it.  The schemes were proposed past times Finance Minister Arun Jaitley during presentation of Union Budget this year. Prime Minister had announced virtually the launch of the schemes inwards his Isle of Man ki Baat programme inwards All Republic of Republic of India Radio terminal month.
As these schemes are real of import for Banking Exam aspirants, Let’s get got a closed await at these schemes. 

Important Points you lot should know virtually the Gold Schemes Launched past times Modi

Gold Monetisation Scheme

Resident Indians (individuals, HUF, trusts, including usual funds/exchange traded funds registered
under Sebi norms) tin forcefulness out brand deposits nether the scheme. The minimum deposit at whatever ane fourth dimension volition last raw gilded (bars, coins, jewellery excluding stones together with other metals) equivalent to xxx grams of the precious metallic of 995 fineness. There is no maximum bound for deposit nether the scheme together with the metallic volition last accepted at the Collection together with Purity Testing Centres (CPTC) certified past times the Bureau of Indian Standards.
Important Points to Know
  • Gold Monetisation Scheme tin forcefulness out earn upwards to 2.50 per cent involvement charge per unit of measurement on their idle gold.
  • Interest charge per unit of measurement on Medium together with Long Term Government Deposit (MLTGD) are 2.25 per cent together with 2.20 per cent, respectively.
  • The tenor of medium term would last betwixt 5-7 years spell long term would for 12-15 years tenure.
  • The deposit nether MLTGD category volition last accepted past times the designated banks on behalf of the fundamental government.
  • Interest on deposits nether the scheme volition get-go accruing from the appointment of conversion of gilded deposited into tradable gilded bars after refinement or xxx days after the receipt of gilded at the Collection together with Purity Testing Centres (CPTC) or the bank’s designated branch, every bit the representative may last together with whichever is earlier.
  • The principal together with involvement of the deposit nether the scheme volition last denominated inwards gold.
  • The gilded received nether MLTGD volition last auctioned past times the agencies notified past times the regime together with the sale proceeds volition last credited to government’s work concern human relationship held amongst RBI.
  • Reserve Bank of Republic of Republic of India volition keep the Gold Deposit Accounts denominated inwards gilded inwards the cite of the designated banks that volition inwards plough concur sub-accounts of private depositors

Sovereign Gold Bond

Instead of buying gilded inwards physical shape investors tin forcefulness out commons their money inwards bonds which are backed past times gold. The bonds volition last available both inwards demat together with newspaper form. Sovereign Gold Bond has to a greater extent than or equal wages against the physical gold. The bond volition last issued past times RBI on behalf of the Government of India. The bond would last restricted for sale to resident Indian entities together with the maximum allowable bound is 500 grams per mortal per year.
Important Points to Know
  • The RBI has fixed the populace final result cost of sovereign gilded bonds at Rs 2,684 per gram.
  • These bonds volition last issued inwards denominations of 5, 10, l together with 100 grams of gilded or other denominations.
  • Applications for the bond volition last accepted from Nov 5-20. The Bonds volition last issued on Nov 26.
  • The Bonds volition last sold through banks together with designated post offices every bit may last notified.
  • The borrowing through issuance of Bond volition shape component of marketplace borrowing programme of Government.
  • Bonds tin forcefulness out last used every bit collateral for loans. The loan-to-value (LTV) ratio is to last laid equal to ordinary gilded loan mandated past times the Reserve Bank from fourth dimension to time.
  • Know-your-customer (KYC) norms volition last the same every bit that for purchase of physical gold. KYC documents such every bit Voter ID, Aadhaar Card/PAN or TAN /Passport volition last required.
  • The involvement on Gold Bonds shall last taxable every bit per the provision of Income Tax Act, 1961 (43 of 1961) together with the upper-case missive of the alphabet gains revenue enhancement shall every bit good rest same every bit inwards the representative of physical gold. Bonds volition last tradable on exchanges/NDS-OM from a appointment to last notified past times RBI.
  • The Bonds volition last eligible for Statutory Liquidity Ratio(SLR). Commission for distribution shall last paid at the charge per unit of measurement of 1% of the subscription amount.

Gold coins

  • The coins volition last available inwards denominations of v together with 10 grams. A twenty gram bar or bullion volition every bit good last available. About 15,000 coins of v gm, 20,000 coins of 10 gm together with 3,750 gilded bullions volition last made available through MMTC outlets.
  • The Indian Gold money is unique inwards many aspects together with volition behaviour advanced anti-counterfeit features together with tamper proof packaging that volition assistance slow recycling.
  • These coins volition last distributed through designated together with recognised MMTC outlets.
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