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RBI makes changes in gold scheme

The Reserve Bank of India (RBI) made some changes in the Gold Monetisation Scheme (GMS) by including charitable institutions and the Central government, among others. Apart from individual and joint depositors, the scheme could now be availed by charitable institutions, the Central government, the State government or any other entity owned by the Central government or the State government, the RBI said in a notification. In 2015, the government launched the GMS to mobilise the gold held by households and institutions. GMS allows bank customers to deposit idle gold holdings for a fixed period in return for interest.

Source : https://www.thehindu.com/todays-paper/tp-business/rbi-makes-changes-in-gold-scheme/article25954731.ece

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