The Central Government, with a view to provide
different options to the people to monetize the privately held stock of the
gold, hereby notifies the 'Gold Monetisation Scheme-2015' comprising the
'Revamped Gold Deposit Scheme' and the 'Revamped Gold Metal Loan Scheme', which
are hereby linked together as announced in the Union Budget 2015-16 and
accordingly, the Provisions contained in the Gold Deposit Scheme 1999 and the
Gold Metal Loan Scheme-1998 shall be applicable to Gold Monetisation
Scheme-2015, subject to amendments from time to time. (1) This scheme shall be called the Gold Monetisation Scheme-2015 comprising
the 'Revamped Gold Deposit Scheme' and the 'Revamped Gold Metal Loan Scheme'
linked together. (2) It shall come into force from the date of launch of the Scheme. In this scheme unless the context otherwise
requires - (a) "Scheme" means the Gold Monetization Scheme, 2015 and includes
the Revamped Gold Deposit Scheme and the Revamped Gold Metal Loan Scheme; (b) "Designated bank" means each Scheduled Commercial Bank which
is included in the second schedule of Reserve Bank Act, 1934 and regulated
under Banking Regulation Act, 1949, excluding Regional Rural Banks that decide
to implement the Scheme; (c) "Gold Deposit Account" means an account opened with a
designated bank under the scheme and denominated in grams of gold; (d) "Medium Term Government Deposit" means the deposit of gold
made under the Gold Monetisation Scheme with a designated bank in the account of
the Central Government for a medium term period of five to seven years or for
such period as may be decided from time to time by the Central Government; (e) "Long Term Government Deposit" means the deposit of gold made
under the Gold Monetisation Scheme with a designated bank in the account of the
Central Government for a long term period of twelve to fifteen years or for
such period as may be decided from time to time by the Central Government; (f) "Refiners" means the refiners licensed by Bureau of Indian
Standards and notified by the Central Government for the purpose of handling
gold deposited and redeemed under Gold Monetisation Scheme; (g) "Collection and Purity Testing Centre" means the collection
and assaying centres certified by the Bureau of Indian Standards and notified
by the Central Government for the purpose of handling gold deposited and
redeemed under Gold Monetisation Scheme; (h) "Short Term Bank Deposit" means the deposit of gold made under
the Gold Monetisation Scheme with a designated bank for a short term period of
one to three years. All designated banks will be eligible to implement
the Scheme. (1) Resident Indians including Individuals, Hindu Undivided Families, Trusts
including Mutual Funds or Exchange Traded Funds which are registered under the
Securities and Exchange Board of India (Mutual Fund) Regulations, 1996,
charitable institutions, Firms and Companies, may make deposits under the
scheme. (2) Joint deposits of two or more eligible depositors may be made under the
scheme and the deposit in such case shall be credited to the joint deposit
account opened in the name of such depositors. (1) Assaying and Hallmarking Centres which meet the criteria as specified by
the Bureau of Indian Standards shall act as Collection and Purity Testing
Centres for purity of gold for the purpose of this scheme. (2) The minimum quantity of gold that a customer may deposit shall be 30
grams and the Gold may be in the form of bullion or jewellery. A Gold Savings Account shall be opened by customers
at any time, with Know Your Customer norms, as applicable and such account
shall be denominated in grams of gold. (1) The Collection and purity testing centres shall send the gold to the
refiners and the refiners shall keep the gold in their ware-houses, unless the
banks prefer to hold it themselves. (2) For the services provided by the refiners, they shall be paid a fee by
the banks, as decided by them, mutually and the customer shall not be charged. The banks may enter into a Legal Agreement (tripartite/bipartitie)
with refiners and Collection and Purity Testing Centres, that are selected by
them to be their partners in the scheme. The deposits under the revamped scheme can be made
for a short-term period of one to three years, a medium-term period of five to
seven years and a long-term period of twelve to fifteen years (or as decided
from time to time), and breaking of lock-in period shall be allowed in any of
the options in the same manner as fixed deposit and a penalty on premature
redemption (including part withdrawal) may be imposed. (1) The amount of interest rate payable for deposits made for the short-term
period shall be decided by the banks on the basis of the prevailing
international lease rates, other costs and market conditions and shall be
denominated in grams of gold. (2) For the medium and long-term deposits, the rate of interest (and fees to
be paid to the bank for their services) shall be decided by the government from
time to time and the interest rate for the medium and long-term deposits shall
be denominated and payable in rupees, based on the value of gold deposited. (1) For short-term deposits, the customer shall have the option of
redemption, for the principal deposit and interest earned, either in cash or in
gold, which shall have to be exercised at the time of making the deposit. (2) In case the customer intends to change the option, it shall be allowed
at the bank's discretion. (3) For medium and long-term deposits, redemption shall be only in cash, in
rupees equivalent of the weight of the deposited gold at the prices prevailing
at the time of redemption. The deposited gold shall be utilized in the
following manner, namely:- (1) Under Medium and Long-Term Deposit: (a) Auctioning: The gold deposited may be auctioned by Reserve Bank of India
or Metals and Minerals Trading Corporation or any other authorized agency by
the Government, at the earliest and amount realized will be used by Government
of India in lieu of government borrowing. (b) Replenishment of Reserve Bank India's Gold Reserves: The deposited gold
may be credited to Reserve Bank India's gold reserves. (c) Coins: Banks may provide the mobilized gold to Minerals and Metals
Trading Corporation for minting the Indian Gold Coins. (d) Lending to jewellers: Banks may lend to jewellers under the Gold Metal
Loan Scheme. (2) Under Short-Term Deposit: (a) Coins: Banks may provide the mobilized gold to Metals and Minerals
Trading Corporation for minting the Indian Gold Coins. (b) Lending to jewellers: Banks may lend to jewellers under the Gold Metal
Loan Scheme. Tax exemptions, same as those available under Gold
Deposit Scheme would be made available to the customers, in the Gold
Monetisation Scheme-2015, as applicable. The difference between the current borrowing cost
for the Government and the interest rate paid by the Government under the
medium or long term deposit shall be credited to the Gold Reserve Fund which
shall be maintained by Reserve Bank of India on behalf of government. The scheme shall remain in operation until further
notice. GOLD MONETISATION SCHEME-2015 COMPRISING THE 'REVAMPED GOLD
DEPOSIT SCHEME' AND THE 'REVAMPED GOLD METAL LOAN SCHEME' LINKED TOGETHER
PREAMBLE