Under the gold monetisation scheme (GMS), government of India collected 2891 kg gold under short term bank deposit (STBD) and medium and long term government deposit, according to data released by the ministry of finance.
The Prime Minister Narendra Modi had launched these schemes on 5th November, 2015 to review the progress of the schemes.
A meeting under the Chairmanship of Shaktikanta Das, Secretary, Department of Economic Affairs (DEA), Ministry of Finance was held on Gold Monetisation Scheme (GMS) and Sovereign Bond Scheme (SBS) with the senior executives of all Public and Private Sector Banks, RBI and Bureau of Indian Standard (BIS).
There are 46 collection and purity verification centers (CPTCs), 8 refiners and 01 jeweler certified by the BIS. Secretary, DEA appealed to the banks to put concerted efforts to mobilize more gold under the GMS in order to achieve the Scheme’s objectives.
Shaktikanta Das asked the banks to increase the number of tripartite and bipartite agreements with CPTCs and refiners. He directed the Banks and Indian Bankers’ Association (IBA) to rope in the eligible jewelers to act as CPTCs in the scheme especially in the areas where CPTC presence is negligible.
Banks were also directed to adopt a practical approach while asking for guarantees or collaterals from the CPTCs. It was decided that IBA in association with World Gold Council will design an exhaustive media campaign which will be supported by the Government.
On the Sovereign Gold Bond Scheme, it was discussed that tradability of the Bonds will be started by the end of May and fourth tranche of the SGB will be launched soon.
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