Four gold schemes to be launched on November 5th

Come November 5th and Indian Prime Minister is all set to launch four gold schemes including Gold Monetisation Scheme (GMS), Gold Sovereign Bond Scheme, Gold Coin Scheme and the Gold Bullion Scheme, reports say.

The Prime Minister earlier had mentioned the intent to have the schemes in place before Diwali. The GMS will now take the place of the prevailing Gold Deposit Scheme, 1999. The outstanding deposits under the Gold Deposit Scheme will be permitted to continue upto the maturity period or premature withdrawal, as per reports. At one time, a depositor can deposit beginning with a minimum deposit of 30 grams of 995 fineness raw gold in the form of coins, bars, jewellery without stones or other metals. No maximum limit for deposit has been defined.

The Gold Sovereign Bond scheme applications would be accepted from November 5 to November 20, followed by bonds issued on November 26, to be sold through banks and designated post offices. Recently, the Government of India, in consultation with Department of Post, will issue the list of designated Post Offices who will be authorized to receive the applications either directly or through agents, as per reports. Borrowing through bond issue will be part of the government’s market borrowing programme.

Gold coins with the Ashoka Chakra on the face of it would be launched, the first national gold coin. To begin with, the coins would be launched in 5 and 10 grams, while a 20 gram bar/bullion will also be launched.