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Financials
The Gold Monetization Scheme (GMS), launched in 2015, aimed to unlock the economic potential of India's vast gold reserves by allowing individuals, institutions, and trusts to deposit gold in exchange for interest payments. It sought to integrate idle gold into the formal economy and reduce the country's gold imports. However, due to evolving market conditions and limited success, the government has decided to discontinue the medium- and long-term components of the scheme, effective March 26, 2025[1][2].
The decision to discontinue Medium Term Government Deposit (MTGD) and Long Term Government Deposit (LTGD) components of GMS marks a significant shift in policy. These options had tenures of 5-7 years and 12-15 years, respectively[3][5]. However, Short Term Bank Deposits (STBD), which have shorter tenures ranging from 1 to 3 years, may still be offered by banks if they are deemed commercially viable[1][3].
Existing deposits under MTGD and LTGD will continue until maturity, ensuring that depositors' investments are protected and will be serviced according to the agreed terms[3][5]. The government has assured that the scheme's discontinuation does not affect ongoing deposits, providing relief to those who have already invested their gold.
Despite the discontinuation of medium- and long-term deposits, individuals can still participate in the scheme through STBDs. Here's how:
Eligibility: The scheme is open to Resident Indians, including individuals, HUFs, proprietorship & partnership firms, trusts, companies, and charitable institutions[4].
Minimum Deposit Requirement: The minimum amount that can be deposited is 10 grams of raw gold (bars, coins, or jewelry excluding stones and other metals)[3].
Process:
The discontinuation of medium- and long-term deposits under GMS highlights several challenges faced by the scheme, including:
Despite these challenges, GMS managed to mobilize approximately 31,164 kilograms of gold until November 2024, with about 5,693 depositors participating in the scheme[5].
The Gold Monetization Scheme still offers opportunities for those interested in monetizing their gold holdings, albeit in a more limited capacity. By focusing on short-term deposits, individuals can continue to earn interest on their idle gold while exploring alternative investment options such as Sovereign Gold Bonds (SGBs). As the market continues to evolve, it's essential for investors to stay informed about the latest developments in the gold investment landscape.
