Modi to unveil gold scheme on November 5
GMS will replace the existing Gold Deposit Scheme, 1999
By : DC Correspondent
Update: 2015-11-04 01:19 GMT
New Delhi: Prime minister Narendra Modi will launch four gold schemes — gold monetisation scheme (GMS), gold sovereign bond scheme, gold coin scheme and the gold bullion scheme — on Thursday.
GMS will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the gold deposit scheme will be allowed to run till maturity unless the depositors prematurely withdraw them. Resident Indians can make gold deposits under GMS. The minimum deposit at any one time will be raw gold equivalent to 30 grams of gold of 995 fineness. There is no maximum limit for deposit.
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