New Delhi: India’s Prime Minister Mr. Narendra Modi on today launched three gold related schemes- Gold Monetisation Scheme (GMS), Gold Sovereign Bond Scheme and the Gold Coin and Bullion Scheme. PM Modi also unveiled the first ever national gold coin minted in India with the national emblem of Ashok Chakra engraved to be released among others on the occasion. Speaking at the event PM Modi said the question of physical gold’s security will now be ruled out and women will benefit the most from these schemes. Scheme highlights:
Gold Monetisation Scheme (GMS), 2015
The 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.
Sovereign Gold Bond Scheme
The sovereign gold bonds will be issued in multiple tranches subject to the overall borrowing limits of Government of India (GoI). Applications for the bond under the first tranche will be accepted from November 05, 2015 to November 20, 2015. The Bonds will be issued on November 26, 2015. The Bonds will be sold through banks and designated post offices as notified.
Gold Coin/Bullion Scheme
The coin will be the first ever national gold coin minted in India and will have the National Emblem of Ashok Chakra engraved on one side and Mahatma Gandhi on the other side . Initially, the coins will be available in denominations of 5 and 10 grams. A 20 gram bullion will also be available. Initially, 15,000 coins of 5gm, 20,000 coins of 10 gm and 3,750 of bullions of 20 gm will be made available through MMTC outlets. The Indian Gold coin & bullion is unique in many aspects and will carry advanced anti-counterfeit features and tamper proof packaging.