SME Times is powered by   
Search News
Just in:   • Pahalgam attack impact: J&K govt closes 48 tourist destinations in Kashmir  • Canada elections: Liberal Party projected to retain power again  • Pak exposed as rogue state fuelling global terrorism: India at UN  • Govt targets 100 GW of nuclear power capacity by 2047 to boost energy security  • MSMEs will play a key role towards ‘Viksit Bharat’ goal: NK Singh 
Last updated: 26 Mar, 2025  

gold1-2.jpg Centre discontinues Gold Monetisation Scheme, short-term deposits will continue

gold1-2.jpg
   Top Stories
» India’s engineering goods exports touch all-time high of $116.7 billion in 2024-25
» India, as fastest growing economy, is ideal investment destination: RBI Governor
» India’s forex reserves on way to reclaim all-time high of $704.8 billion
» Centre notifies new rules for GST Appellate Tribunal
» India’s steel industry poised for global growth, focus on FTAs and self-reliance: Piyush Goyal
IANS | 25 Mar, 2025

The government on Tuesday announced to discontinue the medium term and long term government deposit (MLTGD) components of the Gold Monetisation Scheme (GMS), effective from March 26.

The Ministry of Finance said in a statement that banks may continue their short term gold deposit schemes (1-3 years).

About 31,164 kilograms of gold have been mobilised under GMS (till November 2024).

“Based on the examination of the performance of the Gold Monetisation Scheme (GMS) and evolving market conditions, it has been decided to discontinue the Medium Term and Long Term Government Deposit (MLTGD) components of the GMS w.e.f. March 26, 2025,” said the ministry.

Accordingly, any gold deposits tendered at the designated Collection and Purity Testing Centre (CPTC) or GMS Mobilisation, Collection and Testing Agent (GMCTA) or the designated bank branches under the said components of GMS shall not be accepted with effect from March 26, 2025.

“However, the existing deposits under MLTGD shall continue till redemption as per extant guidelines of GMS,” it added.

The Gold Monetisation Scheme was announced on September 15, 2015, with the objective to reduce country's reliance on the import of gold in the long run, and mobilise gold held by households and institutions in the country to facilitate its use for productive purposes.

Further, the Short-Term Bank Deposits (STBD) offered by the banks under GMS shall continue at the discretion of the individual banks based on the commercial viability as assessed by them.

“The detailed guidelines of Reserve Bank in this regard shall follow,” said there government.

The GMS comprised of three components: Short Term Bank Deposit (1-3 years); Medium Term Government Deposit (5-7 years), and Long-Term Government Deposit (12-15 years).

Gold is widely considered a safe-haven asset, gaining traction during times of geopolitical and economic instability. The metal has already hit 16 record highs in 2025, surpassing the $3,000 per ounce mark on four occasions.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter