Friday, March 24, 2023
  • Press Release
  • Advertise
  • Contact
198 Business Credit News
No Result
View All Result
  • Home
  • Credit News
  • Articles
  • Blog
  • News
  • Business Credits
    • EU Business Credits
    • Asia Business Credits
    • African Business Credits
    • Indian Reservation Business Credit
    • Overseas Business Credits
    • Farm Bureaus Business Credits
    • Community Bank Business Credit
  • Business Credit Cards
  • Why Business Credits
  • Credit Unions Vs. Banks
  • Videos
198 Business Credit News
No Result
View All Result
Revamped Gold Scheme: Minimum deposit cut to 10 gm, jewellers roped in

Revamped Gold Scheme: Minimum deposit cut to 10 gm, jewellers roped in

by The Editor
February 10, 2021
in Articles
0 0
0
Share on FacebookShare on TwitterShare on Email

[ad_1]

Kolkata: The federal government on Wednesday launched a revamped Gold Monetisation Scheme that seeks to unlock an estimated 22,000 tonnes of idle gold mendacity at Indian households by decreasing minimal deposit to 10 grams, involving jewellers, and making all state-run banks take part in it.

At the very least one third of the general public sector financial institution branches in all cities should present the revamped gold deposit scheme on demand with particular designated officers, and the minimal deposit beneath the scheme has now been diminished to 10 grams from earlier 30 grams, finance ministry mentioned in a notification.

The federal government may also request the personal sector banks to take part within the revamped Gold Monetisation Scheme (GMS) that can incentivise taking part jewellers.

In line with the revamped GMS, within the first stage, challenge of medium-term gold deposit (MTGD) and long-term gold deposit (LTGD) certificates by banks shall be moved to a safe digital platform, to be developed by State Financial institution of India. Thereafter, a regulated securities depository shall be designated by SBI to carry the certificates in a digital demat format.

GMS safety shall be tradable in market.

Jewellers shall be inspired to arrange BIS-approved assortment and purity testing centres (CPTCs) beneath the scheme. Collaborating banks and refineries will take steps to enter into settlement with enough variety of CPTCs in order that GMS could be provided in considerably bigger variety of branches.

Banks have additionally been permitted to purchase Indian-refined gold from market and gold alternate beneath the scheme.

All these modifications are anticipated to revive GMS that has remained a non-starter since its introduction in November 2015.

Mobilising a lot of the idle gold from Indian households will assist the nation scale back dependence on import of gold and handle the problem of present account deficit.

“The revamped gold monetisation scheme will convey pathbreaking modifications within the bullion and jewelry sector with the introduction of GMS safety, reimbursement of GML when it comes to Indian refined gold, permitting banks to purchase Indian gold by way of exchanges, ease of GML mortgage, and discount of minimal deposit to 10 grams from present 30 grams,” mentioned Surendra Mehta, nationwide secretary, India Bullion & Jewellers Affiliation.

He mentioned together with jewellers in GMS is a significant transfer as Indian households belief their household jewellers and subsequently mobilisation of idle gold mendacity within the lockers will grow to be comparatively simpler. “The involvement of jewellers to run GMS scheme shall make the whole scheme consumer-friendly and can profit jewellers in huge manner,” Mehta mentioned.



[ad_2]

Source link

Tags: cutdepositGoldjewellersMinimumRevampedropedScheme

Related Posts

Higher housing costs force more pet owners to surrender their dogs
Articles

Higher housing costs force more pet owners to surrender their dogs

August 5, 2022
With 5 Missiles, China Sends Stark Signal to Japan and U.S. on Taiwan
Articles

With 5 Missiles, China Sends Stark Signal to Japan and U.S. on Taiwan

August 5, 2022
nifty: Wide earnings yield gap signals muted stock gains in near term
Articles

nifty: Wide earnings yield gap signals muted stock gains in near term

August 5, 2022
$500m-backed Litmus Music launches to buy publishing and recording rights
Articles

$500m-backed Litmus Music launches to buy publishing and recording rights

August 4, 2022
Bank of England raises interest rates by 0.5 percentage points
Articles

Bank of England raises interest rates by 0.5 percentage points

August 4, 2022
Phil Mickelson and other golfers sue PGA over LIV Series suspensions
Articles

Phil Mickelson and other golfers sue PGA over LIV Series suspensions

August 4, 2022
Load More
Next Post
Learn About Your Credit Report and Score

Learn About Your Credit Report and Score

How To Build Business Credit Fast

How To Build Business Credit Fast

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Definitive Guide for Qualifying for a Small Business Loan

Definitive Guide for Qualifying for a Small Business Loan

August 4, 2022
Top 10 Business Credit Cards That Report to D&B and Other Bureaus Systematically 🔶 CREDIT S3•E104

Top 10 Business Credit Cards That Report to D&B and Other Bureaus Systematically 🔶 CREDIT S3•E104

August 5, 2022
International airlines launch battle plans to deal with summer of travel chaos

International airlines launch battle plans to deal with summer of travel chaos

August 5, 2022
Shelf Corporations Uncensored – The Truth About Shelf Corps

6 Ways to Finance Your Small Business

April 27, 2021
Understanding Financial Well-being for LGBTQ+ Employees

Understanding Financial Well-being for LGBTQ+ Employees

June 3, 2022
Five Ways to Protect Your Business Using Document Shredding Services and Security Precautions

6 Incredible Benefits Of the Cryptocurrency

April 27, 2021
JP Morgan and the Future of Direct Hard Money Lenders

Is it Safe to Buy Manchester United Football Tickets Online?

June 1, 2021
Oil Stockpiles Fell 7.6 Million Barrels Last Week: EIA By Investing.com

Oil Stockpiles Fell 7.6 Million Barrels Last Week: EIA By Investing.com

June 23, 2021
Does the Inflation Reduction Act violate Biden’s $400,000 tax pledge?

Does the Inflation Reduction Act violate Biden’s $400,000 tax pledge?

August 5, 2022
Higher housing costs force more pet owners to surrender their dogs

Higher housing costs force more pet owners to surrender their dogs

August 5, 2022
Easy High Limit Approval! Soft Pull Visa Credit Card Offer! Prequalify ASAP!

Easy High Limit Approval! Soft Pull Visa Credit Card Offer! Prequalify ASAP!

August 5, 2022
Why the price of a pint of beer in the UK is going through the roof

Why the price of a pint of beer in the UK is going through the roof

August 5, 2022
Las Vegas is Hot, But the Economy May Deal Casinos a Losing Hand

Las Vegas is Hot, But the Economy May Deal Casinos a Losing Hand

August 5, 2022
Why Should a Small Business Open a Business Line of Credit?

Why Should a Small Business Open a Business Line of Credit?

August 5, 2022
With 5 Missiles, China Sends Stark Signal to Japan and U.S. on Taiwan

With 5 Missiles, China Sends Stark Signal to Japan and U.S. on Taiwan

August 5, 2022
How to get approved for a business credit card | Watch Me Apply For A Business Credit Card

How to get approved for a business credit card | Watch Me Apply For A Business Credit Card

August 5, 2022

Categories

  • African Business Credits (175)
  • Articles (1,418)
  • Asia Business Credits (213)
  • Blog (1,177)
  • Business Credit Cards (232)
  • Community Bank Business Credit (234)
  • Credit News (3,918)
  • Credit Unions Vs. Banks (133)
  • EU Business Credits (130)
  • Farm Bureaus Business Credits (97)
  • Indian Reservation Business Credit (166)
  • News (2,033)
  • Overseas Business Credits (117)
  • Uncategorized (31)
  • Video Introductions (1)
  • Video on Business Credits (1,413)
  • Why Business Credits (259)
198 Business Credit News

198 Business Credit News, provides local, regional, national and global educational and online training news and information.

198 Business Credit News Alright Reserved, Own and operated by The Ike Lemuwa Group, LLC, a commonwealth of Virginia Limited Liability Company. USA.

Follow us on social media

Trending Updates

No Content Available

Latest Updates

Does the Inflation Reduction Act violate Biden’s $400,000 tax pledge?

Higher housing costs force more pet owners to surrender their dogs

Easy High Limit Approval! Soft Pull Visa Credit Card Offer! Prequalify ASAP!

Why the price of a pint of beer in the UK is going through the roof

Las Vegas is Hot, But the Economy May Deal Casinos a Losing Hand

Why Should a Small Business Open a Business Line of Credit?

  • Home
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact

Copyright © 2021 198 Business Credit News.

No Result
View All Result
  • Home
  • Credit News
  • Articles
  • Blog
  • News
  • Business Credits
    • EU Business Credits
    • Asia Business Credits
    • African Business Credits
    • Indian Reservation Business Credit
    • Overseas Business Credits
    • Farm Bureaus Business Credits
    • Community Bank Business Credit
  • Business Credit Cards
  • Why Business Credits
  • Credit Unions Vs. Banks
  • Videos

Copyright © 2021 198 Business Credit News.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In