Prime Minister Narendra Modi introduced three new schemes on Gold to people to make money. He launched 3 schemes on Gold that benefits the people with stacked gold in lockers and the gold that remained immobile.
Gold Monetisation Scheme(GMS), Gold Sovereign Bond Scheme, Gold Coin and Bullion Scheme were launched by Prime Minister on Thursday November 5th.
Gold Monetisation Scheme will replace old gold deposit scheme, minimum 30 grams of gold excluding stones and other metals will be taken and there is not upper limit for deposit. It can be either in the any form of gold like coins, bars and jewellery. The gold will be accepted after the purity checking. Banks will issue the certificates of deposit and marked at the interest rate of 2.25 percent for medium term deposit and 2.5 percent for long term.
In Gold Sovereign Bond Scheme, RBI will issue the bonds and it will fix the rate per gram of gold based on previous week closing price gold. The bond tenure will be eight years and interest rate will be 2.75 percent.
Gold Coin and Bullion Scheme, the coin will be National Gold coin one side Nation Emblem Ashok Chakra engraved and on the other side it bears Father of our Nation Mahatma Gandhi. The coin will be available at 5 grams and 10 grams initially. 20 grams bullion will be also made available through MMTC outlets across the country.
Modi said in the occasion yesterday at Delhi, India had overcome China as largest consumer of gold. This year 562 tonnes of gold is brought compared to 548 tonnes of China. 'People should take advantage of this golden opportunity to help India march towards Golden Period,' he said.
The government aims at bring out the country's stored gold that would benefit people in earning money from gold. Prime Minister said there is no reason for so much gold being idle in the country with no profit. This effort and right policies will make mobilize the gold and get rid of this situation.