PM Modi launches Gold Monetization Scheme

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New Delhi: Prime Minister Narendra Modi on Thursday launched three gold related schemes – Gold Monetisation Scheme, Gold Sovereign Bond Scheme, and Gold Bullion Scheme. The Prime Minister also unveiled first ever Indian gold coin & bullion bearing national emblem Ashok Chakra and Mahatma Gandhi’s image.

Gold monetisation scheme, which will replace the existing Gold Deposit Scheme, is aimed at bringing an estimated 20,000 tonnes of idle gold worth about 5,40,000 crore rupees into the banking system. The Sovereign Gold Bond will be issued by RBI on behalf of the Government with an interest rate of 2.75 per cent.

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The Bonds will be sold through banks and designated post offices.

The Gold Coins bearing Ashok Chakra will be available in denominations of 5 and 10 grams while bar or bullion of 20 grams through MMTC outlets. In a statement finance ministry said 15 thousand coins of 5gm, 20 thousand coins of 10 gm and three, thousand seven hundred fifty of 20 grams bullions will be available initially.

Finance Minister Arun Jaitley during the occasion said that saving is the core of Indian Culture. To keep this in mind the government has come out with these schemes. Gold in Banks will not only give addition income in terms of interest but also be utilised in the development of the nation

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