Source: News Bharati English01 Apr 2016 19:45:01
New Delhi, April 1: Making another modification in the Gold Monetisation Scheme (GMS) which was launched by Government on Novermber 5th 2016, the potential depositors can now opt for a return in rupee at the time of maturity of the scheme.
For the gold deposited under medium and long term Government Deposits (MLTGD), the redemption of principal at maturity shall, at the option of the depositor, be either in Indian rupee equivalent of the value of deposited gold at the time of redemption or in gold.
Where the redemption of the deposit is in gold, an administrative charge at a rate of 0.2% of the notional redemption amount in terms of rupees shall be collected from the depositor.
However, the interest accrued on MLTGD shall be calculated with reference to the value of gold in terms of Indian rupees at the time of deposit and will be paid only in cash. Government expects that the above modification will make the scheme more attractive for potential depositors.