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Indian government withdraws gold monetization scheme
By Harsh Kumar
Business Standard, New Delhi
Tuesday, March 25, 2025
The Union Finance Ministry today announced the discontinuation of the medium- and long-term government deposit components of the Gold Monetization Scheme from March 26.
This decision comes after a comprehensive review of the scheme's performance and evolving market conditions, according to the finance ministry statement.
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The scheme, launched on September 15, 2015, aimed to reduce the country’s dependence on gold imports and mobilise the vast gold holdings of households and institutions for productive use.
The scheme initially consisted of three components -- short-term bank deposits (1-3 years), medium-term government deposits (5-7 years), and long-term government deposits (12-15 years).
In light of the revised framework, deposits under the medium-term and long-term government deposit components will no longer be accepted at designated collection and purity testing centres (CPTC), gold monetisation scheme collection & testing agents (GMCTA), or at bank branches, from March 26. ...
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