Amended circular on Gold Monetisation Scheme, 2015
RBI/2015-16/300
DBR.IBD.BC.74/23.67.001/2015-16
DBR.IBD.BC.74/23.67.001/2015-16
January 21, 2016
All Scheduled Commercial Banks
(excluding RRBs)
Dear Sir/Madam,
In exercise of the powers conferred
under Section 35A of the Banking Regulation Act, 1949, the Reserve Bank of
India hereby directs that the Reserve Bank of India (Gold Monetisation
Scheme, 2015) Master Direction No.DBR.IBD.No.45/ 23.67.003/ 2015-16 dated October 22,
2015 be modified as under:
(i) The existing sub-paragraph 2.1.1
(iii) shall be amended to read as follows:
The principal and interest on STBD
shall be denominated in gold. In the case of MLTGD, the principal will be
denominated in gold. However, the interest on MLTGD shall be calculated in
Indian Rupees with reference to the value of gold at the time of the deposit.
(ii) The existing sub-paragraph 2.1.1
(iv) shall be amended to read as follows:
Persons eligible to make a deposit -
Resident Indians (Individuals, HUFs, Proprietorship & Partnership firms,
Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI
(Mutual Fund) Regulations and Companies) can make deposits under the scheme.
Joint deposits of two or more eligible depositors are also allowed under the
scheme and the deposit in such case shall be credited to the joint deposit
account opened in the name of such depositors. The existing rules regarding
joint operation of bank deposit accounts including nominations shall apply to
these gold deposits.
(iii) The existing sub-paragraph 2.1.1
(v) shall be amended as under:
All deposits under the scheme shall be
made at the CPTC.
Provided that at their discretion,
banks may accept the deposit of gold at the designated branches, especially
from the larger depositors.
Provided further that banks may, at
their discretion, also allow the depositors to deposit their gold directly with
the refiners that have facilities to carry out final assaying and to issue the
deposit receipts of the standard gold of 995 fineness to the depositor.
(iv) The existing sub-paragraph 2.1.1
(ix) shall be amended to read as under:
Designated banks shall inform the RBI
of their decision to participate in the Scheme as soon as the policy to
implement the Scheme is approved by their Board. They shall also report to the
RBI the gold mobilized under the Scheme by all branches in a consolidated
manner on a monthly basis as per the format given in theAnnex-2.
(v) A para No.2.1.1 (x) shall be
included as under:
Tax implications on GMS shall be as
notified by the Central Government from time to time.
(vi) A para No.2.1.1 (xi) shall be
included as under:
The quantity of gold will be expressed
up to three decimals of a gram.
(vii) The existing sub-paragraph 2.2.2
(iv) shall be amended to read as under:
a. The Medium Term Government Deposit
(MTGD) can be made for 5-7 years and Long Term Government Deposit (LTGD) for
12-15 years or for such period as may be decided by the Central Government from
time to time.
b. The rate of interest on such deposit
will be decided by Central Government and notified by Reserve Bank of India
from time to time. The current rate of interest as notified by the Central
Government are as under:
(i) On medium term deposit – 2.25% p.a.
(ii) On long term deposit – 2.50% p.a.
(i) On medium term deposit – 2.25% p.a.
(ii) On long term deposit – 2.50% p.a.
c. The designated banks may allow whole or
part premature withdrawal of the deposit subject to minimum lock-in period and
penalties as under:
(i) Minimum lock-in period
A Medium Term Government Deposit (MTGD)
is allowed to be withdrawn any time after 3 years and a Long Term Government
Deposit (LTGD) after 5 years.
(ii) Penalty on premature withdrawal
The amount payable to the depositor on
premature withdrawal shall be calculated as a sum of (A) and (B),
as indicated below:
(A) Actual market value of the gold
deposit on the day of withdrawal.
(B) Interest payable on the value of
the gold at the time of deposit as under.1
|
Type of deposit
|
Lock-in period (years)
|
Actual period for which the deposit has run (years)
|
|
|
>3 and < 5
|
>5 and < 7
|
||
|
MTGD
|
3
|
Applicable rate for MTGD at the time of deposit - 0.375%
|
Applicable rate for MTGD at the time of deposit - 0.25%
|
|
Type of deposit
|
Lock-in period (years)
|
Actual period for which the deposit has run (years)
|
||
|
>5 and < 7
|
>7 and < 12
|
> 12 and < 15
|
||
|
LTGD
|
5
|
Applicable rate for MTGD at the time of deposit - 0.25%
|
Applicable rate for LTGD at the time of deposit - 0.375%
|
Applicable rate for LTGD at the time of deposit - 0.25%
|
(viii) A para No.2.2.2 (ix) shall be
included as under:
Central Government has decided that for
initial period of one year from the date of launch of the Scheme i.e. November
5, 2015, designated banks will be paid handling charges (including gold purity
testing, refining, transportation, storage and any other relevant costs) for
MLTGD at a flat rate of 1.5% and commission at the rate of 1% of the rupee
equivalent of the amount of gold mobilized under the scheme.
Explanation: For the purpose of
computing the charges and commission payable to banks, the rupee equivalent of
the gold deposited shall be calculated based on the price of gold prevailing at
the time of deposit.
(ix) The existing sub-paragraph 2.4 (i)
shall be amended to read as under:
The Central Government will notify the
list of BIS certified CPTC / Refiners under the Scheme and shall be
communicated to the banks through Indian Banks’ Association (IBA).
(x) A para No. 2.6 (iii) shall be
included as under:
The tripartite agreement shall have
enabling provision for direct deposit of gold with the refineries as well. In
the alternate, banks shall enter into bipartite agreements with the refiners,
stating out the terms of that arrangements besides the tripartite agreement.
Rajinder Kumar
Chief General Manager
1An illustration of the interest
calculation as under:
|
Type of deposit
|
Lock-in period (years)
|
Actual period for which the deposit has run (years)
|
|
|
>3 and < 5
|
>5 and < 7
|
||
|
MTGD
|
Position as on date
|
2.250%-0.375% = 1.875%
|
2.250%-0.250% = 2.00%
|
|
|
|
>5 and < 7
|
>7 and < 12
|
>12 and < 15
|
|
LTGD
|
Position as on date
|
2.250%-0.250% = 2.00%
|
2.500%-0.375%=2.125%
|
2.500%-0.250%=2.25%
|
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