India's central bank suckers 15 tonnes of gold, 19,985 to go


Reserve Bank of India Makes It Easier to Deposit Gold Under Monetization Scheme

From The Times of India, Mumbai
Saturday, August 17, 2019

MUMBAI, India -- In a move to revive the flagging Gold Monetisation Scheme 2015, the Reserve Bank of India has made it easier for depositors to hand over their holdings of the precious metal.

In an amendment to the scheme, the RBI said that, while all deposits have to be made at collection and purity testing centers, banks may accept gold at designated branches, especially from the larger depositors. Banks must also identify at least one branch in a state or Union territory where they have a presence to accept the deposits under the scheme. ...

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The scheme was not considered a success as collections were less than 15 tonnes. However, this is a small fraction of the 1,000-tonne demand in the country. In respect to a parliamentary query in 2016, the government had said that the estimated amount of gold with the public and temples was estimated to be 20,000 tonnes.

Under the scheme, gold can be deposited for a short-term bank deposit of one to three years. The medium- and long-term government deposits can be opened for five to seven and 12 to 15 years, respectively.

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