| Date: |
25-01-2016 |
| Subject: |
Banks to get 2.5% commission in gold monetisation scheme |
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NEW DELHI: The finance ministry on Sunday said that depositors under the gold monetisation scheme will be permitted premature withdrawal of the deposited metal. The government has also decided to pay banks a 2.5% commission for mobilising gold under the scheme.
"It is expected that the above modifications will make the scheme more attractive for potential depositors," the finance ministry said.
Under the modified rules, the government will pay the participating banks a fees for their services — gold purity testing charges, refining, storage and transportation charges, among others.
The monetisation scheme encourages individuals, households and temples to deposit gold jewellery or bars with banks or collection agents. The gold deposited would be later refined for domestic purpose and would help cut dependence on imports. The government has already mobilised 900 kgs of gold in over two-and-a-half months time through the scheme.
Source : timesofindia.indiatimes.com
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