Recently, the Government said, Medium Term and Long-Term Government Deposit (MLTGD) components of Gold Monetisation Scheme (GMS) discontinued w.e.f. 26th March, 2025, based on performance of GMS and evolving market conditions!
The Gold Monetisation Scheme (GMS) was announced on 15th September, 2015 with the objective to reduce country’s reliance on the import of gold in the long run and mobilise gold held by households and institutions in the country to facilitate its use for productive purposes.
The GMS comprised of 3 components; 1: Short Term Bank Deposit (1-3 years), 2: Medium Term Government Deposit (5-7 years), and, 3: Long-Term Government Deposit (12 – 15 years). Based on the examination of the performance of the Gold Monetisation Scheme (GMS) and evolving market conditions, it has been decided to discontinue the Medium Term and Long-Term Government Deposit (MLTGD) components of the GMS w.e.f. March 26, 2025.
Accordingly, any gold deposits tendered at the designated Collection and Purity Testing Centre (CPTC) or GMS Mobilisation, Collection & Testing Agent (GMCTA) or the designated bank branches under the said components of GMS shall not be accepted with effect from, March 26, 2025. However, the existing deposits under MLTGD shall continue till redemption as per extant guidelines of GMS issued vide Reserve Bank Master Direction No. DBR.IBD.No.45/23.67.003/2015-16 dated October 22, 2015 (as updated).
Further, the Short-Term Bank Deposits (STBD) offered by the banks under GMS shall continue at the discretion of the individual banks based on the commercial viability as assessed by them. The detailed guidelines of Reserve Bank in this regard shall follow.
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