Question

Digital gold scheme first launched in India by whom?

Answer 1

Prime Minister Narendra >Modi on Thursday launched three gold-related schemes, namely the Gold Monetisation Scheme, Sovereign Gold Bond Scheme and the Gold Coin and Bullion Scheme.

 

“India has no reason to be described as a poor country, as it has 20,000 tonnes of gold. The gold available with the country should be put to productive use, and these schemes show us the way to achieve this goal,” the Prime Minister said while launching the schemes.

 

Gold has often been a source of women's empowerment in Indian society, and these schemes will underscore that sense of empowerment, Mr Modi added.

 

The Gold Monetisation Scheme (GMS) will replace the existing Gold Deposit Scheme, 1999. However, the government has made clear that deposits outstanding under the Gold Deposit Scheme will be allowed to run till maturity unless the depositors prematurely withdraw them.

 

Under the GMS, resident Indians (classified as individuals, Hindu Undivided Families, Trusts including Sebi-registered Mutual Funds and Exchange Traded Funds) can deposit gold at collection and purity testing centres certified by the Bureau of Indian Standards.