Gold Monetisation Scheme: RBI amends eligibility criteria for deposits; check details

By: | Published: January 9, 2019 7:11 PM

Reserve Bank of India (RBI) on Wednesday amended the Gold Monetisation Scheme, 2015 with respect to the eligibility criteria of making deposits.

Earlier in June last year too, the RBI had made changes in the Gold Monetisation Scheme to make it more attractive.

Reserve Bank of India (RBI) on Wednesday amended the Gold Monetisation Scheme, 2015 with respect to the eligibility criteria of making deposits. “The existing sub-paragraph 2.1.1 of the scheme has been amended”, the Central Bank said via a notification issued Wednesday.

“Persons eligible to make a deposit – Resident Indians [Individuals, HUFs, Proprietorship & Partnership firms, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations, Companies, charitable institutions, Central Government, State Government or any other entity owned by Central Government or State Government] can make deposits under the scheme,” RBI said in the notification.

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Besides, joint deposits of two or more eligible depositors are also allowed under the scheme and the deposit in such case shall be credited to the joint deposit account opened in the name of such depositors, the notification stated. However, existing rules regarding joint operation of bank deposit accounts including nominations will be applicable to these gold deposits, it added.

Earlier in June last year too, the RBI had made changes in the Gold Monetisation Scheme to make it more attractive. The short-term deposits should be treated as bank’s on-balance sheet liability, the RBI had then said in a notification.

“These deposits will be made with the designated banks for a short period of 1-3 years (with a facility of roll over). Deposits can also be allowed for broken periods (e.g. 1 year 3 months; 2 years 4 months 5 days; etc.),” it had said.

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