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Date: 03/11/2015
Minimum Deposit to be 30 grams of Raw Gold in Gold Monetisation Scheme

The Reserve Bank of India has modified the minimum amount of gold that can be deposited under the Gold Monetisation Scheme under the Reserve Bank of India (Gold Monetisation Scheme), Direction, 2015. The modification provides that the minimum deposit at any one time shall be 30 grams of raw gold (bars, coins, jewellery excluding stones and other metals).

It was represented that in view of the fact it would not be possible for the general public to determine, ex ante, the quantity of raw gold equivalent to 30 grams of 995 fineness as jewellery and other raw gold items could be of different levels of purity. The Reserve Bank has, therefore, modified Section 2.1.2 (i) of its Master Direction on Gold Monetisation Scheme, 2015 issued on October 22, 2015. The updated version of the complete Reserve Bank of India Master Direction on Gold Monetisation Scheme, 2015 is available on RBI website.

These Directions will come in force from November 5, 2015.

Alpana Killawala
Principal Chief General Manager

Press Release : 2015-2016/1071

 
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