The powers conferred on the Reserve Bank of India under Section 35A of the Banking Regulation Act, 1949, the RBI makes the amendments in the Reserve Bank of India (Gold Monetization Scheme, 2015) Master Direction dated October 22, 2015, with immediate effect.
Central Government has decided that with effect from November 5, 2016, designated banks will be paid handling charges (including gold purity testing, refining, transportation, storage and any other relevant costs) for a new MLTGD at a flat rate of 1.5% and commission at the rate of 1% of the rupee equivalent of the amount of gold mobilized under the scheme until further notice. In case of renewal of deposits, as banks will not incur any expenses on purity testing, refining, transportation, storage and insurance etc., the banks will only be given a fixed commission of 1% of the rupee equivalent of the amount of gold on the date of renewal towards their administrative and account maintenance cost.”
The general guideline for renewal/ redemption of MLTGD is also given
For Further :
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12368&Mode=0
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