3 Gold Related Schemes launched
Q. PM Narendra Modi launched which gold related schemes on 5th November 2015?- Published on 06 Nov 15a. Gold Monetisation Scheme
b. Sovereign Gold Bond Scheme
c. Gold Coin and Bullion Scheme
d. All of the above
ANSWER: All of the above
India has 20,000 tonnes of gold which should be put to productive use, and these schemes show us the way to achieve this. The Gold Monetisation Scheme (GMS) will replace the existing Gold Deposit Scheme, 1999. Under the GMS, resident Indians (classified as individuals, HUF, Trusts including Sebi-registered Mutual Funds and Exchange Traded Funds) can deposit gold. Deposit certificates can be issued by banks equalling 995 fineness of gold and the principal and interest of the deposit under the scheme will be denominated in gold. The terms of deposit will include short-term deposits (1-3 years), medium-term deposits (5-7 years) and long-term deposits (12-15 years).Under the Sovereign Gold Bond Scheme, the Reserve Bank of India will issue Gold Bonds on behalf of the GoI. Under the Gold Coin and Bullion Scheme, the government will issue gold coins, the first ever national gold coins, with Ashok Chakra engravings on them.
