Modi government has closed this gold scheme...?
In a big decision, the central government has announced the closure of the gold Monetization 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 duration 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 every household and institution in the country for productive work 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 closed the medium term (5-7 years) and long term (12-15 years) gold deposit scheme. But banks can run short-term (1-3 years) deposit schemes 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 deposit is 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 reduction. If the question arises in your mind that what will happen after march 26? So let us tell you that now new gold cannot be deposited in medium and long term schemes. Whereas the gold already deposited will continue in the same way.
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