The RBI, on 4th August, 2022, has issued a notification amending the Reserve Bank of India (Gold Monetization Scheme, 2015) Master Direction dated October 22, 2015, with immediate effect. The amendment provides-
- Payment of handling charges to designated banks at a flat rate of 1.5% and commission at the rate of 1% of the rupee equivalent of the amount of gold mobilized under the scheme.
- Guidelines for Renewal/Redemption of Medium- and Long-Term Government Deposit (MLTGD) are included. It clearly lays down that premature redemption of MLTGD shall only be in INR, while redemption of principal at maturity shall, at the option of the depositor, be either in Indian Rupee equivalent of the value of deposited gold at the time of redemption, or in gold.
