The Reserve Bank of India (RBI) has recently issued a circular for the amendment of the gold monetization scheme (GMS), 2015.
“All deposits under the scheme shall be made at the CPTC/GMCTA. Provided that, at their discretion, banks may accept the deposit of gold at the designated branches, especially from the larger depositors. Banks shall have a Board approved policy to identify the branches that can accept the deposits under the scheme. The policy shall inter-alia cover the processes involved in the identification of such branches and skill development of the dealing employees. The policy shall also identify the minimum number of branches as designated branches in every State/UT where the bank has a presence. Provided further that banks may, at their discretion, also allow the depositors to deposit their gold directly with the refiners that have facilities to carry out final assaying and to issue the deposit receipts of the standard gold of 995 fineness to the depositor.” said in notification.
The scheme allows depositors to earn by depositing their gold, gold coins, gold bars, and jewellery with the banks.