Business and Finance Business and Finance
Wed, March 26, 2025
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As of Mar 26th, 2025, there has been substantial selling of STEC, Inc. in recent trading
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As of Mar 26th, 2025, there has been substantial .. Botanix Pharmaceuticals Limited in recent trading
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As of Mar 26th, 2025, there has been substantial selling of Alzamend Neuro, Inc. in recent trading
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India discontinues parts of gold deposit scheme amid rising prices

India discontinues parts of gold deposit scheme amid rising prices


Published on 2025-03-26 01:01:03 - Reuters
  Print publication without navigation

  • India has discontinued parts of a scheme that encouraged households and institutions to deposit idle gold in exchange for interest payments.

The Indian government has decided to discontinue certain components of the Gold Monetisation Scheme (GMS) due to rising gold prices and low participation rates. Launched in 2015, the GMS aimed to mobilize idle gold held by households and institutions by allowing them to deposit gold and earn interest. However, the scheme's short-term deposit options, which included a one-year and a three-year deposit, have been terminated. This decision comes as gold prices have surged, making the scheme less attractive for depositors. The government will now focus on the medium and long-term deposit options, which offer better returns over extended periods. This move is part of broader efforts to manage the economic implications of high gold prices and to encourage more effective utilization of gold reserves within the country.

Read the Full Reuters Article at:
[ https://www.msn.com/en-us/money/other/india-discontinues-parts-of-gold-deposit-scheme-amid-rising-prices/ar-AA1BFkaP ]