Jaitley Announces Gold Monetisation Scheme : Gold Can Be Used As Fixed Deposit

28 Feb, New Delhi

Now you can use gold deposit as a fixed deposit as Finance Minister Arun Jaitley Saturday announced introduction of ‘Gold Monetisation Scheme’.

According to the scheme, gold deposit will be treated just like a fixed deposit and the interest earned on it will be paid not in rupees but in gold.

Jaitley also proposed in the Budget to produce Gold coin with Ashoka Chakra to make gold available in coins for increased trade.

He also announced sovereign gold bond fund. Much to the cheer of the bullion industry, the scheme isexpected to address more than 90 per cent of gold consumers inIndia, who do not possess more than 500 gm of gold.