1. RBI amends guidelines on gold monetisation

RBI amends guidelines on gold monetisation

The Reserve Bank of India (RBI) on Thursday brought out the amended guidelines on gold monetisation scheme. The central bank said that depositors will be able to withdraw medium term and long term government deposits pre-maturely after the minimum lock-in period of three years in the case of medium term deposits and after five years in the case of long term deposits.

By: | Published: January 22, 2016 12:56 AM

The Reserve Bank of India (RBI) on Thursday brought out the amended guidelines on gold monetisation scheme. The central bank said that depositors will be able to withdraw medium term and long term government deposits pre-maturely after the minimum lock-in period of three years in the case of medium term deposits and after five years in the case of long term deposits. “However, there will be penalty in the form of lower rate of interest for premature withdrawals depending upon the actual period for which the deposit has run,” RBI said.

The central bank also said that in case of large tenders of gold, gold can be deposited directly with refiners wherever they have the assaying capacity. This will reduce the time lag between the time the raw gold is deposited and it starts bearing interest, it added.

RBI also clarified that government will pay the participating banks a total commission of 2.5% (1.5% handling charges and 1% commission) in the first year.

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