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Prime Minister Narendra Modi on Thursday launched three programmes aimed at reducing physical gold demand and luring tonnes of gold from households into the banking system.
The three schemes that Modi launched are Gold Monetisation Scheme (GMS), Gold Sovereign Bond Scheme and the Gold Coin and Bullion Scheme. Modi also unveiled the first ever national gold coin minted in India with the national emblem of Ashok Chakra engraved on it.
The Gold Monetisation Scheme will replace the existing Gold Deposit Scheme, 1999. However, deposits outstanding under the Gold Deposit Scheme will be allowed to run till maturity unless the depositors prematurely withdraw them.
The Gold Monetisation Scheme is aimed at tapping part of an estimated 20,000 tonnes of idle gold worth Rs. 5,40,000 crore in family lockers and temples into the banking system.
The Gold Sovereign Bond will be issued by the Reserve Bank of India (RBI) on behalf of the government with an interest rate of 2.75%. The bonds will be sold through banks and designated post offices.