An employee arranges two hundred and fifty gram gold bars, produced by Swiss manufacturer Argor Hebaeus SA, into a storage tray at Aranypiac Kft in Budapest, Hungary. (Photographer: Akos Stiller/Bloomberg)

RBI Amends Gold Monetisation Scheme To Include Government Entities, Charities

The Reserve Bank of India on Wednesday made some changes in the Gold Monetisation Scheme by including charitable institutions and the central government, among others.

Apart from individual and joint depositors, the scheme could now be availed by charitable institutions, the central government, the state government or any other entity owned by the central government or the state government, the central bank said in a notification.

The government launched the scheme in 2015 to mobilise gold held by households and institutions in the country.

The scheme allows banks' customers to deposit their idle gold holdings for a fixed period in return for interest in the range of 2.25-2.50 percent.