RBI has issued the notification regarding the Gold Monetization Scheme (GMS), 2015 – Amendment
The following has been stated Reference Update – The amended provisions include an additional reference to a press release dated March 25, 2025, regarding the Gold Monetization Scheme (GMS).
Discontinuation of MLTGD – The mobilization and renewal of Medium Term and Long Term Government Deposit (MLTGD) have been discontinued effective March 26, 2025.
Deposit Mobilization – Clarified that deposits under MLTGD will not be accepted after March 25, 2025, but existing deposits will be governed by prior provisions.
Handling Charges & Commission – Banks will receive commission until deposits are accepted, and renewals on or before March 25, 2025, will have the same commission structure.
Gold Deposit Accounts – The amended provisions specify that MLTGD deposit receipts must be dated on or before March 25, 2025.
Renewal Guidelines – Renewal of MLTGD is no longer permitted from March 26, 2025.Redemption Process – Depositors must provide their preference for redemption within 120 days of maturity; otherwise, the default redemption mode will apply.
Gold Stock Requirement – Banks must maintain gold stock for redemption until March 25, 2025, after which they must notify the Government of India in case of shortages.
Deleted Provisions – The modalities for renewal and partial renewal/redemption have been removed.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12801&Mode=0
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