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Informist, Tuesday, Jul. 22, 2025

 

NEW DELHI – The government had mobilised 37.81 tonnes of gold under the gold monetisation scheme until March, Minister of State for Finance Pankaj Choudhary said Tuesday.

 

Launched in September 2015, the Gold Monetisation Scheme--comprising the previous Gold Deposit Scheme and the Gold Metal Loan scheme--aimed to mobilise gold held by institutions or households and facilitate its use for productive purposes, reducing the country's reliance on gold imports in the long run. Under the scheme, there are three types of deposits: short-term bank deposits, medium-term, and long-term government deposits.

 

"However, due to evolving market conditions including increasing prices of gold, which resulted in increasing cost to the government, government decided to continue the Short-Term Gold Deposits component of GMS (gold monetisation scheme), while Medium- and Long-Term Gold Deposits under GMS were discontinued, from 26.03.2025 (Mar. 26)," Chaudhary said in a written reply in the Rajya Sabha.  End

 

Reported by Shubham Rana

Edited by Rajeev Pai

 

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