Gold Monetization Scheme: In a major decision, the Central Government has announced the closure of the Gold Monetisation Scheme (GMS) from March 26, 2025 (Wednesday). The Finance Ministry said that this decision has been taken in view of the changing market conditions. However, banks will still be able to run short-term gold deposit schemes with a tenure of 1 to 3 years.
Gold Monetization Scheme
This scheme was started on 15 September 2015, the purpose of which was to use the gold lying in homes and institutions in the country for productive purposes and reduce dependence on gold imports. So far, about 31,164 kg of gold has been collected through this scheme till November 2024.
What has changed now?
The government has discontinued the medium term (5-7 years) and long term (12-15 years) gold deposit scheme. But banks can run the short-term (1-3 years) deposit scheme at their own level.
What will happen to the depositors’ gold?
If you have deposited gold in this scheme, then there is no need to panic. The government has clarified that if your deposit is complete, then you can withdraw it in gold or cash.
Apart from this, those whose deposits are still running will continue to get interest and will get money or gold on maturity. Whereas if you want to withdraw gold before time, then the earlier rules will apply, in which there may be a deduction. If you are wondering what will happen after March 26? Then let us tell you that now new gold cannot be deposited in medium and long term schemes. Whereas the gold already deposited will continue to be deposited in the same way.
How much gold was deposited?
Short term: 7,509 kg
Medium term: 9,728 kg
Long term: 13,926 kg
A total of 5,693 people had deposited their gold in this scheme.
Sharp rise in the price of gold
On January 1, 2024, gold was Rs 63,920 per 10 grams, which increased by 41.5 percent to Rs 90,450 per 10 grams by March 25, 2025. So if you have invested in this scheme, then there is nothing to worry about. The government is guaranteeing the safety of your deposit.