RBI has vide its notification dated 9th January, 2019 made the following amendments to the Gold Monetisation Scheme 2015.
1. The existing sub-paragraph 2.1.1 (iv) shall be amended to read as follows:
“Persons eligible to make a deposit - Resident Indians [Individuals, HUFs, Proprietorship & Partnership firms, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations, Companies, charitable institutions, Central Government, State Government or any other entity owned by Central Government or State Government] can make deposits under the scheme. Joint deposits of two or more eligible depositors are also allowed under the scheme and the deposit in such case shall be credited to the joint deposit account opened in the name of such depositors. The existing rules regarding joint operation of bank deposit accounts including nominations will be applicable to these gold deposits.”
Earlier charitable institutions, Central Government, State Government or any other entity onwed by Central or State Government were not allowed to make the deposits under the Scheme.
For those who want to read the Gold Monetisation Scheme, it can be found here
The objective of the Gold Monetisation Scheme is to mobilise gold held by households and institutions of the country, and to facilitate its use for productive purposes.
The RBI notification as above can be accessed here
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