Lok Sabha Question No. 288 (STARRED), answered on 2015-12-18
Subject: Impact of Gold Monetisation Scheme
Ministry: FINANCE
Asked by: PARASURAMAN K., Dr. BHOLA SINGH

a

## *288.  Shri I( Parasuraman:

## Dr. Bhola Singh:

Will the Minister of FINANCE be pleased to state:

- (a) The details  of target fixed  by the Govemment with regard  to collection  of gold/firnds through gold bond scheme  during the current financial year along  with the value of gold/funds collected from individual, religious  (entities) separately;
- (b) whether  the Government has made any assessment  with regard to the impact of the Gold Monetisation  Scheme  since  its launch on November 5, 2015;
- (c) If so, the extent to which it has curbed/  checked the import of gold and benefited  the jewellery  industry;  and
- (d) Ifnot, the other steps  being taken by the Govemment in this regard?

## ANSWER MINISTER O[' FINAIICE (SHRI ARUN JAITLE9

- (a) to (d) A statement is laid on the table ofthe House

## GOVERNMENT  OFINDIA MINISTRY OF F'INANCE

## DEPARTMENT  OF ECONOMIC  AFFAIRS

## LOK SABHA

STARRED  QUESTION  No. 288

TO BE ANSWERED ON: Friday, 18e December,  2Ol5lAgtahayana27,1937 (Saka)

## Impact of Gold Monetisation  Scheme

## OUESTION

STATEMENT  REFERR.ED TO IN REPLY TO LOK SABHA STARRED QUESTION NO. 288 RAISED BY SHRI K. PARASURAMAN:  DR. BHOLA SINGH' HON'BLE MEMBERS  OF'PARLIAMENT  ['OR REPLY ON 18th DECEMBE&  2015 REGARDING (IMPACT  OF GOLD MONETISATION SCHEME'.

The objective  ofthe Sovereign  Gold Bonds  Scheme  is to reduce the demand for physical gold by providing an altemative investment  instrument linked to gold. The collection  of funds through the gold bond scheme during the current financial  year will be within  the overall borrowing  limit of Govemment from the market.  The first tranche  of the Sovereigrr Gold Bond (SGB) was open for subscription  from November 5, 2015 to November  20,2015  during which a total of 62,169 applications  were received for a subscription  of 9,15,953 grams  of gold amounting to Rs 246 crore.

The Gold Monetisation  Scheme  is an open ended Scheme.  It is too early to make an assessment of the impact of the scheme.

The Govemment from time-to-time  consults  different stakeholders  to make changes  in the schemes including  the Gold Monetization  Scheme,  which is an ongoing  process.

I

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## NOTE FORPAD

## NOTE FOR PAD LOK SABHA STARRED QUESTION NO.288 (POSrrroN  NO.8)

## Raised by SHRI K. PARASURAMAN: DR. BHOLA SINGH FOR 18.12.2015

## INDEX

| S. No.   | Contents                                                     | Page No.   |
|----------|--------------------------------------------------------------|------------|
| I        | Thrust of the Question                                       | 3          |
| II       | Background                                                   | .,         |
| III.     | Guidelines ofthe Sovereign Gold Bonds Scheme (SGB)           | 3-5        |
| IV.      | Guidelines of the Gold Monetization Scheme (GMS)             | 5-8        |
|          | Targets of the SGB and GMS                                   | 9          |
| VI.      | Update on the SGB and GMS                                    | 9- 10      |
| VII.     | Gold Imports                                                 | 10         |
| VIII.    | Biodata of Shri K. Parasuraman                               | 11         |
| x.       | Biodata of Dr. Bhola Singh                                   | 12-t4      |
| x        | Gazzette Notification Notifying the SGB scheme               | Annex I    |
| XI.      | RBI Master Direction Notifying the GMS                       | Annex II   |
| xII.     | Details of Gold Mobilized under the Gold Monetization Scheme | Annex-III  |

## I. THRUST  OF THE QUESTION

Thc thrust  ofthe question is on the performance ofthe Sovereign  Gotd Bonds scheme and the Gold Monetisation scheme.  The qucstion  seeks to know the amount  of funds collected through the gold bonds scheme and the impact of the Gold Monetisation  scheme  in curbing the import ofgold and in benefitting thejewellery sector.

## II BACKGROUND

- The Reserve  Bank of India constituted  a 'Working Group to Study the Issues Related to Gold and Gold Loans NBFCs in India' in Aprll 2012, which submitted its Final Report to the Reserve Bank in February,20l3.  The Working Group,  taking note of the fact that there is a large stock ofgold in India lying idle, recommended that there is a need for introducing  new gold-backed  products.
- The Sovereign  Gold Bonds scheme and the Gold Monetization Scheme were announced  in the Union Budget 2015-16. The schemes were formally launched on 5th November,20f  5 by the Prime Minister  of India.

## ilI. GUIDELINES  OF THE SOVEREIGN  GOLD BONDS SCHEME

(Ihe Gazzette Notificotion Notifying the SGB scheme is as Annex I)

1. Eligibility  for Investment: The Bonds  under this Scheme may be held by a person resident in lndia. being  an individual. in his capacity as such individual. or on behalf of minor child, orjointly with any other  individual. "Person resident  in India"  is defined  under  section 2(v) read with section 2 (u) of the Foreign Exchange Management  Act, 1999.
2. Form of Security: The Bonds  shall be issued in the form of Govemment of India Stock in accordance  with section  3 of the Govemment  Securities Act,2006.  The investors will be issued a Holding  certificate.  The Bonds shall be eligible  for conversion  into de-mat  form.
3. Denomination:  The Bonds shall be denominated  in units of one gram  of gold and multiples thereof. Minimum investrnent in the Bonds shall be 2 grams with a ma,.<imum subscription  of500  grams per person  per fiscal year (April  -  March).  In case  ofjoint holding, the limit applies to the first applicant.

- 4' Issue Price: Price ofthe Bonds shalr be fixed in Indian Rupees  on the basis ofthe previous week's (Monday  -  Friday) simple average  closing  price  for gord of 999 purity,  published  by the India  Bullion and Jewellers  Association  Ltd. (IBJA).
- 5' Interest: For the Fy 2015'16,  the Bonds sha bear interest  at the rate of 2,75 per cent (fixed rate) per  annum  on the amount of initial investment.  Interest  shall be paid in harfyearly  rests  and the last interest  shall be payabre  on maturity  along  with the principal.
- 6' Receiving  offices:  Scheduled  commercial  banks (excluding  RRBs) and designated  post offices (as may be notified)  are authorized  to receive  applications  for the Bonds  either directly or through  agents.
- 7' Redemption: The Bonds shall be repayabre  on the expiration  of eight years from the date of issue' Pre-mature redemption  of the Bond is alowed from fifth year  of the date  of issue on the interest payment dates. The redemption  price shall be fixed in Indian Rupees  on the basis of the previous  week's (Monday -  Friday)  simple average crosing price for gold  of 999 purity. published  by IBJA.
8. Eligibility  for statutory  Liquidify  Ratio (SLR):  The investment  in rhe Bonds shall he eligible  for SLR.
- 9' Loan against  Bonds: The Bonds may be used as collaterar for loans. The Loaa to varue ratio will be as applicable to ordinary  gold loan mandated by the RBI from time to time. r-he lien  on the Bonds shall  be marked  in the depository  by the authorized  banks.
- l0' Tax Treatment:  Interest on the Bonds  shalr be taxabre as per the provisions  of the Income-tax  Act, I 961 . capitar gains  tax treatment  will be the same as that for physical  gold.
- ll' Transferability:  The Bonds shaU be transferabre  , in accordance  with the provisions  of the Govemment  Securities Act, 2006 (3g  of 2006) and the Govemment  Securities Regulations, 2007, published  in part  III, section 4 of the Gazette  of India dated the rst December, 2007.
- 12' Tradability in Bonds: The Bonds  shalr be eligible for trading  from such date as mav be notified  by the Reserve  Bank oflndia.

7

13. Commission for distribution:  Commission for distribution shall be paid at the rate of rupee one per hundred  of the total subscription received by the receiving offices on the applications received and receiving offices shall share at least 50% of the commission so received with the agents or sub-agents  for the business procured  through  them.

## IV. GUIDELINES  OF THE GOLD MONETIZATION  SCHEME

(lhe RBI Master Direction Notifying the GMS is at Annex II)

## 1. Objective

GMS, which modifies the existing  'Gold Deposit Scheme' (GDS) and 'Gold Metal Loan Scheme (GML), is intended  to mobilize  gold held by households and institutions of the country and facilitate  its use for productive purposes,  and in the long run, to reduce  country's reliance on the import of gold.

## 2. Basic  Features

i.All designated  banks will be eligible  to implement  the scheme.

- ii.The principal  and interest  ofthe deposit under  the scheme shall be denominated  in gold.
- iii.Persons  eligible to make  a deposit  - Resident Indians  (Individuals, HUFs, 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  will be applicable  to these gold deposits.
- iv.All deposits  under the scheme shall be made at the CPTC.  However,  at their discretion, banks may accept the deposit  ofgold at the designated  branches, especially  from the larger depositors.
- v.lnterest on deposits  under the scheme will start accruing from the date of conversion of gold deposited into tradable gold bars after refinement or 30 days after the receipt  of gold at the CPTC or the bank's designated branch, as the case may be, whichever is earlier.
- vi.During the period commencing  from the date of receipt of gold by the CPTC or the designated branch,  as the case may be, to the date on which interest starts accruing  in the

- deposit,  the gold accepted  by the cprc or the designated  branch  of the bank shall be treated as an item in safe custody held by the designated  bank.
- vii.on the day the gold deposited  under the scheme starts accruing  interest, the designated banks shall translate  the gold liabilities  and assets in Indian Rupees by crossing the London  AM fixing for Gold / USD rate with the Rupee-US  Dollar reference rate announced by RBI on that day. The prevalent custom duty for import of gold will be added to the above  value to arrive at the final value of gold.  This approach  will also be followed  for valuation  ofgold at any subsequent  valuation dates and for the conversion  of gold into Indian Rupees  under the Scheme.
- viii.Reporting -  The designated banks need to submit  a monthly  report on GMS to the RBI in the prescribed format.
3. Minimum Deposit: The minimum deposit at any one time shall be 30 grams of raw gold (bars,  coins, jewellery  excluding stones and other metals). There is no maximum limit for deposit  under the scheme.
4. Types of deposits: There shall be two different  gold deposit schemes namely, short Term Bank Deposit (STBD)  and b) Medium and Long Term Govemment Deposit  (MLTGD)- The details of both the deposit options is as under:

## a) Short Term Bank Deposit (STBD)

- i.The deposit  will be made with the designated banks for a short term period of l-3 years  (with a roll over  in multiples  of one year) and will be treated as their onbalance sheet liability.
- ii.The deposit  will auract  cRR and SLR requirements  as per applicable instructions  of RBI from the date ofcredit  of t],e amount to the deposit account.  However,  the stock of gold  held by banks  in their books  will be an eligible asset for meeting  the SLR requirement  in terms of RBI Master Circular Cash Reserve  Ratio  ( CRR) and Liquld tv Ratio  ( SLR) dated I Julv 2015 S
- iii.The designated  banks may, at their discretion,  allow whole or part premature withdrawal  of the deposit subject  to such minimum lock-in  period and penalties,  if any, as may be determined  by them.

- iv.The designated banks are free to fix the interest rates on these deposits. The interest shall be credited  in the deposit accounts  on the respective due dates and will be withdraw  able periodically or at maturity  as per the terms of the deposit.
- v.Redemption  of principal and interest  at maturity will, at the option of the depositor be either in lndian Rupee  equivalent  of the deposited gold and accrued interest based on the price  of gold prevailing at the time of redemption,  or in gold' The option in this regard shall be made in writing by the depositor  at the time of making the deposit and shall be irrevocable:
- vi.Provided that any premature  redemption  shall be in Indian  Rupee equivalent  or gold at the discretion ofthe designated bank.

## b) Medium  and Long Term Government Deposit (MLTGD)

- i.The deposit  under this category  will be accepted  by the designated  banks on behalf of the Central  Govemment. The receipts  issued by the CPTC and the deposit certificate issued by the designated banks shall state this clearly.
- ii.This  deposit will not be reflected  in the balance  sheet of the designated banks. It will be the liability of central Government and the designated  banks will hold this gold deposit on behalf of central Government  until it is transferred  to such person as may be determined  by the Central  Govemment.
- iii.The deposit can be made for a medium  term period of 5-7 years oI a long term period of 12-15 years  or for such period as may be decided  from time to time by the Central  Govemment. The rate of interest of such deposit  will be decided by Central Govemment and notified by Reserve Bank of India from time to time' The designated  banks  may allow whole or part premature  withdrawal of the deposit subject to such minimum lock-in  period and penalties,  if any, as determined  by the Central Government.
- iv.Redemption  of the deposit including interest  accrued wili be only in Indian Rupee equivalent of the value of the gold and accumulated  interest as per the price of gold prevailing  at the time of redemption.
- v.The gold received  under MLTGD will be auctioned by the agencies  notifled  by Govemment and the sale proceeds will be credited to Govemment's account held wirh RBI.

\

- vi.Reserve Bank oi India will maintain the Gold Deposit  Accounts denominated  in gold in the name of the designated  banks  that will in tum hold sub-accounts of individual  depositors.
- vii.The details of auctioning and the accounting procedure  will be notified by Govemment  of India.

## 5. Opening  of gold deposit accounts

The opening  of gold deposit accounts  shall be subject to the same rules with regard to customer identification  as are applicable to any other deposit account. Depositors who do not already  have any other  account  with the designated bank,  shall open a gold deposit  account with the designated  banks with zero balance at any time prior to tendering gold at the cprc after complying with KYC norns as prescribed  by Reserve Bank  oflndia.

The designated  banks will credit the srBD or MLTGD,  as the case may be, with the amount of 995 fineness gold as indicated in the advice  received from cprC, after 30 days of receipt of gold at the GPTC, regardless of whether the depositor  submits  the receipt for issuance  of the deposit certificate or not.

6. collection  and Purity Testing  Centres: Every designated bant< shall enter into a legally binding tripartite agreement  with the refiners  and  cprcs with whom they tie up under the Scheme. The agreement shall clearly lay down the details regarding  palrnent offees, services to be provided,  standards of service, the details of the arrangement  regarding  movement  of gold and rights and obligations  of all the three parties in connection  with the operation  of the Scheme-

## 7. Utilization of gold  mobilized  under  GMS

- Gold accepted under STBD- to be sold to MMTC for minting India Gold Coins (IGC), to jewellers  and to other  designated banks participating  in GMS; or to lend the gold under the GML scheme  to MMTC for minting India Gold Coins (IGC) and to jewellers.
- Gold accepted under MLTGD- Gold deposited under MLTGD will be auctioned  by MMTC and the sale proceeds credited  to the Central Govemment's account with RBI.

/

## v TARGET OF THE SCHEMES

- i) Sovereign Gold Bonds:
2. . The Government  of India (GoI) has launched  the Sovereign  Gold Bonds (SGB) in an effort to reduce demand lor physical  gold by providing an altemative investment  instrument  linked to gold.
3. o The collection  of funds through  the gold bond scheme during the current financial  year has been limited to the extent  of the Govemment's  borrowings from the market  for the current financial  year.
4. . Accordingly,  it is proposed to gamer a maximum of Rs 15,000 crores in the current  fiscal year.
5. ii) Gold Monetization  Scheme:
6. o The Govemment of India (GoI) has launched the Gold Monetization Scheme with the objective  of mobilizing the gold held by households  and institutions in the country and for to putting this gold into productive  use.
7. o The long'term objective which is sought  through this arangement  is to reduce the country's reliance  on the import of gold to meet the domestic  demand.
8. o It is estimated that around 20,000 tonnes  of gold is lying idle with Households and Institutions  in India.

## VI. UPDATEONTHESGBANDGMS

- i) Sovereign Gold Bonds:
2. o The first tranche of the Sovereign  Gold Bond (SGB) was open for subscription from November  5, 2015 to November 20,2015. The Bonds were issued on November 30,2015.
3. . A total of 62169  applications were received for atotal subscription of9,15,953 grams  of gold amounting to I 246 crore.
4. o The top ten receiving  offices  in terms of subscription  amount  were HDFC Bank Limited, ICICI Bank Ltd, YES Bank Ltd, Allahabad Bank, Bank Of India, Andhra Bank, Karur Vysya Bank Ltd, DCB Bank Ltd, State Bank of India and Federal Bank Ltd.

## ii) Gold  Monetization  Scheme:

- o As per the information  sought by RBI from 24 banks (of which  ll banks have responded as on l4th December, 2Ol5),512.4gg  kilograms (Details  at Annex-lll)  ofgold  have been mobilized  so far through  the scheme.  (The exact amount could be larger as RBI has not received information  from all the banks yet)
- o As on 30 Nov. 2015, 40 Assaying  & Hallmarking centers have been certified  by BIS to act as Collection and  purif Testing Centres (CpTCs) under the GMS
- r BIS has also allowed the licensed  jeweflers/refineries  to act as collection  and Purity Testing  centres (cprcs) under the GMS. This information  has also been  uploaded on BIS website  on 27th Nov. 2015
- o BIS has modified  licensing conditions  to refiners  having accreditation  from three years' experience  to one year experience only. And the same have been put on the BIS website.

## VII.  GOLD IMPORTS.

- Gold is an important  component of India's totar imports  and therefore  of its current account deficit. As per the report  of the RBI study group, gold  contributed nearly  20 per cent of trade deficit  during 2006-07  to 200g-0g  and nearly 30 per cent during 2009-10  to 2011-12.  Further,  India is the top fabricator  and consumer  of gold jewellery,  accounting  for nearly one third  of globar fabrication (amounting  to 6lg tonnes) and consumer (552  tonnes) demand.
- The import ofgold in the country over the past three years is the following: a

| YEAR                |   QTY(Tonnes) |   VAL(INR) (in Rs crores) |
|---------------------|---------------|---------------------------|
| 2012-13             |      1013.72  |                    292153 |
| 2013-14             |       661.713 |                    166243 |
| 2014-15             |       915.458 |                    210658 |
| 201s-16(APR TO SEP) |       528.444 |                    112432 |

-,

## VIII. BIODATA OF SHRI K. PARASURAMAN

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Constituency  :

Thanjavur (Tamil  Nadu  )

Party  Name :

All India Anna Dravida Munnetra  Kazhagam(AIADMK)

Date of Birth  :

1 5 Dec 1960

Educational  Qualifications

:

B.Sc.

Profession

:

Businessperson

Permanent Address

:

91, Raghuman Nagar, Medical  College Road, Thanjavur - 613004, Tamil Nadu 09442111421  (M)

Present Address

;

194, North Avenue, New Delhi-  I l0 001

Positions  Held

:

May, 2014 Elected to 16th Lok Sabha

1 Sep. 2014 onwards Member, Standing Committee on Urban Development

Member, Consultative  Committee, Ministry  of Water Resources,  River Development  and Ganga Rejuvenation

## IX. BIODATA OF DR BHOLA SINGH

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Constituency

Party  Name

Father's  Name

Mother's  Name

Date  of Birth

Place of Birth

Marital Status

Date of Marriage

Spouse's  Name

No. of Sons

No . of Daughters

Educational  Qualifi  cations

Profession

Permanent  Address

Present  Address

Positions  Held

Begusarai (Bihar  )

Bharatiya  Janata  parry(BJp)

Shri Ram Pratap Singh

Smt. Tunka  Devi

03 Jan 1939

Vill. Dunahi,  Distt. Begusarai (Bihar)

Manied

21 Jul 1953

Smt. Savitri  Devi

3

2

M.A., Ph.D. Educated at  patna  University, patna  and Lalit  Narayan  Mithila University,  Darbhanga,  Bihar

Agriculturist

Ashok Nagar, Pokharia,  Ward No. 36, Begusarai,  Bihar-

C-U12-A, Lodhi Garden,  New Delhi  \_  110 003

- a

- 1967-69,1972-90,2000-2009  Member, Bihar Vidhan Sabha  (Eight  Terms)

- 1981-1982

Chairman,  Agro Industries  Corporation,  Bihar

- 1982-1983

Chairman,  Estimate  Committee

)

- . 1984-1985
- . 23 Sep. 2009 Member,  Library Committee
- o  Member, Committee  on Heavy  Industry and Public Interprises
- . May,2014 Re-elected  to 16th Lok Sabha (2nd term)
- . I Sep. 2014 onwards.Member,  Standing  Committee  on Petroleum  and Natural Gas
- o  Member, Consultative Committee, Ministry  of Steel and Mines
- o  Member, Committee  on Ethics
- . 15 Sep. 2014 onwardsMember,  Committee  on Private  Members' Bills and Resolutions
- . 28 Jan. 2015 onwards Member on the Samsad (Court) of Visva-Bharati

| 1984-1985      | State Home Minister, Bihar Govemment              |
|----------------|---------------------------------------------------|
| o 1985- I 988  | Chairman, Public Accounts Committee, Bihar Vidhan |
| Sabha          |                                                   |
| . 1988- l 989  | State Education Minister, Bihar Government        |
| o 2000-2003    | Chairman, MLA Petition Committee                  |
| c 2003-2005    | Deputy Speaker, Bihar Vidhan Sabha                |
| o 2005-2008    | Chairman, Public Enterprise Committee             |
| o 2008-2009    | Minister, Urban Development, Govemment of Bihar   |
| o 2009         | Elected to 15th Lok Sabha                         |
| . 3l Aug. 2009 | Member, Committee on Information Technology       |

## Books Published

1.  'Kissan  Mere Bhagwan  Hain' a Book based on Assembly Debates
2.  'Main  Pravaah  Hoon' is a publication  based on speeches  and procedures  ofLok Sabha
3.  'Begusarai'  a Historical Book on is based on my Research  work and I have been Awarded Ph.D. for this work by the University

## Literarv Artistic & Scientific  Accomolishments

Reading experience  of the literary works of national poet Ramdhari  Singh Dinkar; write articles for newspapers and Doordarshan;  and Doctoral research work on the topic of "  Begusarai  Ka Aitihasik  Sarvekshan"

## Social  And Cultural  Activities

Has been office bearer lo a number of cultural organisations  in Bihar, including Sir Ganesh Dutt Parishad,  Swami Sahajanand Saraswati Sansthan, Bihar Votteyball  Association etc.

## Special lnterests

Public Service,fighting  for the public issues

## Sports and Clubs

Office bearer, Bihar Volleyball Association

## Countries Visited

Russia (on the occasion ofNovember Revolution)

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REGD. r.'O D. L.-33004/99

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## EXTRAORDINARY

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## MINISTRY  OF FINANCE

## (Department  of Economic  Affairs) NOTIFICATION

New Delhi, the 30th October,  2015

G'S.R.827 (E). -[n exercise of the powers  conferred  by clause  (iii)  of section  3 of the Govemmenr Securities  Act, 2006  (38  of 2006),  the Central  Government  hereby  makes  the following Scheme,  namely: -

- l. Shon  title  and  commencement.- (l  )  This  scheme may be called  the Sovereign  Cold  Bonds  Scheme,  2015.
- (2) h shall  come  into force on the date  of irs publication  in the Official  Gazet(e.

2.  Definilioo.-  In this Scheme,  unless  the contexr  otherwise  requires, -

- (a) "Fom" means  a form appended  to this Scheme;
- (b) 'receiving  office" means the offices or branches  of Nationalised Banks,  Scheduled  Private  Banks,  Scheduied Foreign  Banks  as spe.ified  in Annexure  I to rhis  Scheme and designared  posr  Offices as may be notified;

(c) "Stock  Ce(ificate"  means  the Gold Bond issued in the form of Government  of India Stock in accordance  with section 3 of the CovemmeDt  Securities  Acr, 2006.

3. Eligibility  for Investment.-  (l  )  The  Gold  Bonds under  this  Scheme  may  be held by a person  resident in India,  being an individual, in his capacity  as  such individual, or on behalf  of minor  child,  or  jointly wirh  any other individual.

Explu@t  tn.-Fot  the purposes  of this paragraph, -

(i)  the  expression "persoo" shall  have  the same meaning  as defined  in clause  (u)  of section 2 of the Foreign  Exchange Maoagement Act, lY)9 (42 of 1999)l

(ii)  the expression "person  resident in India" shall  have the same  meaning as defined  in clause (v)  of section 2 of the Foreign Exchange  Management Acr, 1999 (42 of 1999\.

4 Form  of subscription and pricing.-  (l)  Subscription shall be in the form of denomjnated  unirs ofone  gram  of Cold or multiples thereof:

Provided  that lhe minimum limit of subscription  in the Bond shall be of rwo grams  and maximum limir of subscription  shall  be of five hundred grams per person per fiscal  yer:

Provided further that in case oljoint  hotding,  the above  limits shall be applicable  ro rhe  first applicant  only.

(2) The issue price of Gold Bonds shall  be made in Indian Rupees  on the basis  of simple average of closing price of gold  of 999  Purity  of previous w€ek  (Monday  to F.riday) published by ihe India Bullion  and Jewellen  Association Limited.

5.  Procedure  for  making  application for subscription  to Gold Bonds.-  (l) Every Subscriber  who is desirous  of making subscription  to the  Gold Bonds  shall  apply to any receiving  office in Form 'A' or in any other  form as near  as thereto, stating  clearly  the  grams  of  Sold  and full name  and address  of the applicant.
- (2) Every application  shall contain  such  documents and particular  as specified in the instructions  contained in the Application  Form.
- (3)  On receiPt  of an application under  sub paragraph  l. the  receiving  offrce shall issue  an acknowledgment receipt in Form 'B', if all requirements  of the application are  fulfilled.
- (4)  An incomplete  application  is liable to be rejected  if all requirements  of the application  are not fulfilled  within period  specified in paragraph  6.
6. Date and form  of issue of Gold Bonds.-  (l) The Gold Bonds  shall be issued  on the 26th day  of November, 2015 in the form of a Stock Certificate  as specified  in Form  'C'.
- (2)  The Cold  Bonds  shall  be eliSible ro be convened into De-mat  form.
7. Period of subscription.-  the Subscription of the Gold Bond under  this Scheme shall open on and from the 5th day of November, 2015 and shall close  on lhe 20th day of November, 2015:

Provided  that the Centml Government  may,  with prior notice,  close the Scheme  before the period specified above.

8.  Interest.-  (l) The  interest on the Gold Bonds  shall  commence  from the date of its issue  and shall

have  a fixed rate of  interest  at 2.75  percent  per annum  on the  amount of initial  investment.

- (2)  The in(er€st  shall be payable  in half  yearly rests and the  last interest  shall  be payable  alonS with the  principal on malurity.
9. Receiving Offices.- The receiving  office specified  in Annexure  I shall be aulhorised  to receive  applications fol the Bond\ eirher direclly  or through  agents.
10. Payment  Options.-  (1) All payments for Cold  Bond shall be accepted in Indian Rupees through cash or demand draft or cheque  or electronrc  banling.
- (2)  Where payment  is made through cheque  or demand  draft, the same shall be drawn in favour  ofthe  reaeiving  office-
- ll.  Redemption.-  (l) The Cold  Bond shall be repayable  on the expiration  of eiSht  years  from the 26th  November, 2UI5,  lhe dale of lhe issue  of Cold  Bondi:

Provided that premature  redemption  of Cold Bond  may be permiited from  fifth  year  from the date  of issue of such Cold Bond on the dale on which interest is payable-

- (2)  On maturity, the Gold Bonds shall be redeemed  in Indian Rupees and the redemption  price  shall be based  on simple average  of closing price of gold of 999 purity  of previous  week  (Monday  to Friday) published  by the India  Bullion  and Jewellers  Association Limited.
- (3) The  receiving  office shall inlorm  the investor  of rhe date  of maturity of the Gold Bond one month  before  its maturity.
3. l2- Eligibility  for Statutory Liquidity  Ratio.*  The investment in rhe Gold Bonds  under  this Scheme  shall be eligible for  Statutory Liquidity  Ratio.
13. Loan  against  Bonds.-  (l) The  Gold  Bonds  under this Scheme may  be used as collateral  security  for any loan.
- (2)  The Loan to Value ratio  as applicable  1o any  ordinary gold  loan mandated  by the Reserve Bank of India  shall also apply  to the  Cold  Bond under this Scheme.
- (3)  ]}e  lien  on the bond  shall be  marked in the depository by the authorised  banks.
14.  Tax Treatment.- The interest  on the  Gold  Bond shall be taxable as per the provisions  of the lncome-tax  Act, 196l  (43  of 196l)  and the capital gains tax shall also  remain  the same  as in the case ofphysical gold.
15.  Nomination.-  Nomination  and its cancellation  shall be made  in Form 'D' and Form  'E', respectively, in accordance  with  the  provisions  of the  Govemment  Securities  Act, 2006 (38 of 20O6)  and the Govemmeot  Securities Regulations,  2007,  published  in part  IU, Section 4 of the Gazette  of India dated  the  lst December,  2007.
16. Transfer of Gold  Bonds.-The Gold Bonds in the form of Stock Certificate is transferable  by execution of an lnstrument  of transfer as in Form 'F', in accordance with  the provisions  of the Govemment  Securities Act, 2006  (38 of 2006)  and the Govemment  Securities  Regulations,  2007,  published in part  III, Seclion  4 of the  Gazette  of India  dated the lst December.  2007.
17. Trading  in Cold  Bonds.-The  Gold Bonds  shall be eligible for trading fiom such date as may be notified by the Reserve  Bank of India.
18.  Commission for distribution.-{ommission  for distribution  shall be paid  at the mte of rupee one per  hundred of the toral subscription received  by the receiving offices on the applications  received  and  receiving  offices shall share at least 5091,  of the commission  so received  with  the agents or sub  agen$  for the business  pr(rcured  tkough  them.
19. All other lerms  and conditions  specified  in the notification  of Govemment  of India in the Ministry of Finance (Department  ofEconomic Affairs) vide number F. No.4(t3) w&tv72008, d.ted the 8th October,  2008 shall apply to the Gold  Bond  issued under this scheme.

By Order  of the President  of India lF.  No. 4(19)-w&w20l4l PRASHANT OOYAL,  Ji. Secy.

RBll2015-16t211

Master  Direction No. DBR.lBD.No.45/23.67.003/201  5-1 6

## Gold Monetisation Scheme,  2015

In exercise of the powers conferred on the Reserve Bank of lndia (RBl) under Section  35A of the Banking Regulation Act, 1949 and in pursuance  of the Central Government  notification  issued vide Office Memorandum F.No.20l6/2015-FT  dated September 15,2015 regarding  "Gold Monetization  Scheme  (GMS)",  the RBI being satisfied that it is in the public  interest,  so to do, hereby issues this Direction to all Scheduled Commercial Banks (excluding Regional Rural Banks).

## CHAPTER  -  I

## PRELIMINARY

## 'l  .1 Objective

GMS, which modifies the existing 'Gold Deposit Scheme' (GDS) and 'Gold Metal Loan Scheme (GML), is intended to mobilise gold held by households and institutions  of the country  and facilitate its use for productive  purposes,  and in the long run, to reduce  country's reliance  on the import of gold.

## 1.2. Short title and commencement

- i. This Direction shall be called the Reserve Bank of lndia (Gold Monetization Scheme) Direction, 2015.
- ii. All Scheduled  Commercial Banks excluding RRBs will be eligible to implement  the Scheme.
- iii. The banks intending to participate  in the Scheme should formulate  a comprehensive  policy with approval of the board to implement it.

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October 22,2015

## 1.3 Definitions

In this Direction, unless  the context otherwise requires,  the following terms shall bear the meanings assigned to them below:

- Collection  and Purity Testing Centre (CPTC)  - The collection and assaying centres  certified  by the Bureau of lndian  Standards (BlS) and notified by the Central  Government for the purpose  of handling  gold deposited and redeemed under GMS. i.
- . Designated bank  All Scheduled  Commercial  Banks (excluding  RRBs) that decide to implement  the Scheme.
- Gold Deposit Account  -  An account opened with a designated bank under the Scheme and denominated  in grams  of gold. .
- Medium and Long Term Government Deposit (MLTGD)  - The deposit of gold made under the GMS with a designated bank in the account of the Central Government  for a medium term period  of 5-7 years or a long term period  of 12-15 years or for such period as may be decided from time to time by the Central Government.
- v. Nominated bank  -  A Scheduled Commercial Bank authorized by RBI to import gold under the extant Foreign Trade  policy.
- vi. Refiners  -  The refineries accredited  by the National Accreditation  Board for Testing  and Calibration  Laboratories (NABL) and notified by the Central Government for the purpose of handling gold deposited and redeemed under GMS.
- vii. Scheme - Gold Monetization Scheme, 2015 which includes Revamped Gold Deposit  Scheme (R-GDS)  and Revamped Gold Metal Loan Scheme (R-GML).
- viii.  Short Term Bank Deposit (STBD) - The deposit of gold made under the GMS with a designated bank for a short term period of 1-3 years.

-/

## Cha.pter  ll

## Revamped  Gold Deposit Scheme  (R-GDS)

## 2.1 Basic features

## 2.1.1 General

- This scheme will replace the existing  Gold Deposit Scheme, 1999. However,  the deposits outstanding under the Gold Deposit Scheme will be allowed to run till maturity  unless these are withdrawn by the depositors prematurely  as per existing instructions.
- All designated banks will be eligible  to implement  the scheme.
- The principal and interest  of the deposit under the scheme shall be denominated in gold. t.
- Persons eligible  to make  a deposit  - Resident lndians (lndividuals, HUFs, 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  will be applicable to these gold  deposits.
- All deposits  under the scheme shall be made at the CPTC. However, at their discretion,  banks may accept the deposit of gold at the designated branches,  especially  from the larger depositors.
- vi. lnterest  on deposits under the scheme will start accruing from the date of conversion of gold deposited into tradable gold bars after refinement or 30 days after the receipt of gold at the CPTC or the bank's designated branch, as the case may be, whichever is earlier.
- vii.  During the period commencing from the date of receipt of gold by the CPTC or the designated  branch, as the case may be, to the date on which interest starts accruing in the deposit, the gold  accepted  by the

CPTC or the designated  branch of the bank shall be treated  as an item in safe custody held by the designated bank.

- v t On the day the gold deposited  under the scheme starts accruing interest, the designated banks shall translate the gold liabilities and assets in lndian Rupees by crossing the London AM fixing for Gold / USD rate with the Rupee-US Dollar reference rate announced by RBI on that day. The prevalent  custom duty for impo( of gold will be added to the above  value to arrive at the final value of gold. This approach  will also be followed for valuation  of gold at any subsequent  valuation dates and for the conversion  of gold into lndian Rupees  under the Scheme.
- tx. Reporting  -  The designated banks need to submit a monthly report on GMS to the RBI in the prescribed  format.

## 2.1.2 Acceptance of deposits

- i. The minimum  deposit at any one time shall be 30 grams  of raw gold (bars,  coins,  lewellery  excluding stones  and other metals). There  is no maximum limit for deposit under the scheme.
- ii. All gold deposits under the scheme, whether tendered at the CPTC or
3. the designated branches, shall be assayed at CPTC: .Provided

that the designated banks are free not to subject the standard good delivery  gold accepted directly at branches  to fire assaying at the CPTC.

## 2.2 Types of deposits

There shall be two different  gold deposit schemes as under:

## 2.2.1 Short Term Bank Deposit (STBD)

- i. All provisions of para 2.1 above shall apply to this deposit.
- ii.  The deposit will be made with the designated  banks for a short term period  of 1-3 years (with a roll over in multiples of one year) and will be treated as their on-balance  sheet liability.

- t. The deposit  will attract CRR and SLR requirements as per applicable instructions of RBI from the date of credit of the amount to the deposit account. However,  the stock of gold held by banks in their books will be an eligible asset for meeting the SLR requirement in terms of RBI Master Circular - Cash Reserve Ratio  (CRR ) and Statutorv Li uiditv Ratio  (S LR) dated 1 Julv 2015.
- iv. The designated banks may, at their discretion'  allow whole or part premature withdrawal of the deposit subject to such minimum lock-in period and penalties,  if any, as may be determined  by them'
- v.  The designated banks are free to fix the interest rates on these deposits.  The interest  shall be credited in the deposit accounts on the respective due dates and will be withdrawable  periodically  or at maturity as per the terms of the deposit'
- vi. Redemption  of principal and interest at maturity will, at the option of the depositor be either in lndian  Rupee equivalent  of the deposited gold and accrued interest based on the price of gold prevailing at the time of redemption,  or in gold. The option in this regard shall be made in writing by the depositor at the time of making the deposit and shall be irrevocable:

Provided that any premature redemption shall be in lndian Rupee equivalent or gold at the discretion of the designated bank'

## 2.2.2 Medium and Long Term Government  Deposit  (MLTGD)

- i. All provisions of guidelines  at para 2.1 above will apply to this deposit'
- ii.  The deposit under this category will be accepted by the designated banks on behalf of the Central Government'  The receipts  issued by the CPTC and the deposit certificate issued  by the designated  banks shall state this clearlY.
- iii.  This deposit will not be reflected in the balance sheet of the designated banks. lt will be the liability of Central Government and the designated banks will hold this gold deposit on behalf of central  Government until it is transferred  to such  person as may be determined  by the Central Government.

- The deposit can be made for a medium term period of 5\_7 years  or a long term period  of 12-15 years or for such period  as may be decided from time to time by the Central  Government.  The rate of interest of such deposit will be decided  by Central Government  and notified  by Reserve Bank of lndia from time to time. The designated  banks may allow whole or part premature  withdrawal of the deposit subject to such minimum  lock-in period  and penalties,  if any, as determined  by the Central Government.
- v.  Redemption of the deposit incruding  interest accrued wiil be onry in lndian Rupee equrvarent  of the varue of the gord  and accumurated interest as per the price of gold prevailing  at the time of redemption.
- vi. The gold received under MLTGD  wiil be auctioned by the agencies notified by Government  and the sare proceeds  wil be credited to Government's account  held with RBl.
- vii' Reserve  Bank of rndia wiil maintain  the Gord Deposit Accounts denominated  in gord in the name of the designated  banks that wiil in turn hold sub-accounts of individual  depositors.
- viii. The details  of auctioning and the accounting  procedure  will be notified by Government of lndia.

## 2.3 Opening of gold deposit accounts

The opening of gold  deposit accounts shail be subject to the same rures with regard to customer identification  as are applicable  to any other deposit account. Depositors who do not already  have any other account with the designated  bank, shail open a gold deposit account  with the designated banks with zero balance at any time prior to tendering  gold at the cprc after compryrng  with Kyc norms  as prescribed  by Reserve Bank of lndia.

The designated banks will credit the srBD or MLTGD, as the case may be, with the amount of 995 fineness gord as indicated  in the advice received  from  cprc, after 30 days of receipt of gold  at the cprc, regardless of whether the depositor  submits the receipt for issuance of the deposit  certificate  or not.

## 2.4 Collection and Purity Testing  Centres

- The Central Government will notify a list of BIS certified CPTCs  under the Scheme.
- The designated  banks will be free to select and authorize the CPTCs out of the list notified by the Central Government for handling  gold as their agents based on their assessment of the credit worthiness  of these centres. (Please see paragraph 2.6 for tripartite agreement  among  banks, refineries  and CPTCs). .
- Each designated bank authorizing  a CPTC to collect deposit of gold on its behalf shall ensure that its name is included in the list of such banks displayed by the CPTC.
- The schedule of fees charged  by the CPTCs shall be displayed at a prominent place  at the centre.
- Before tendering the raw gold  to a CPTC, the depositor shall indicate  the name of the designated bank with whom he would like to place the depositl.
- After assaying  the gold, the CPTC will issue a receipt signed by authorised signatories of the centre showing the standard gold of 995 fineness on behalf of the designated  bank indicated by the depositor.  Simultaneously, the CPTC will also send an advice to the designated  bank regarding the acceptance of deposit.
- The 995 fineness equivalent amount of gold as determined by the CPTC will be final and any difference  in quantity  or quality  found after issuance of the receipt by the CPTC including  at the level of the refinery due to refinement or any other reason shall be settled among the three parties viz., the CPTC,  the v .

'The  lndian Banks'Association  (lBA)  has agreed to design  appropriate standard  documentations  in connection with the GMS including application form for tendering  raw gold  to the assaying  centers,  description of the physical appearance and other  characteristics  of the gold,  the recording  of the results of XRF by the assaying centre, customer's consent for melting the  gold  for fire-assaying,  customer's consent for making  the final deposit,  the Final Receipt to be issued  to the depositor and any other  documents  that may be considered  by the banks. The entire set of documents  should be made avaitable  to the depositor upfront  and should  include all the terms and conditions  of the scheme including  the schedule  of chirges. The documentation should  be posted on IBA'S website and should also be available  in physicalform  at the CPTCS.

refiner and the designated bank in accordance with the terms of the tripartite agreement.

- v l The depositor  shall produce the receipt showing the 995 fineness equivalent amount of gold issued by the CPTC to the designated  bank branch,  either in person  or through post.
- ix. On submission  of the deposit receipt by the depositor,  the designated bank shall issue the final deposit certificate on the same day or 30 days after the date of the tendering of gold at the CPTC, whichever  js  later.
- x The assaying process  at the CPTC is described in Annex-1

## 2.5 Transfer of gold to the Refiners

- The designated  banks will be free to select the refiners based  on their assessment regarding  the credibility  of these entities.
- The CPTCs will transfer the gold to the refiners as per the terms and conditions set out in the tripartite agreement.
- The refined gold may, at the option of the designated bank, be kept in the vaults maintained  by the refiners  or at the branch  itself. l .
- For the services provided  by the refiners, the designated banks will pay a fee as decided mutually. iv
- The refiners shall not collect  any charge  from the depositor.

## 2.6 Tripartite agreement  between  the designated banks, refiners  and cprcs

- Every designated bank shall enter into a legally binding tripartite agreement  with the refiners and CPTCs  with whom they tie up under the Scheme. t.
- . The agreement  shall clearly lay down the details regarding payment  of fees, services to be provided,  standards of service,  the details  of the arrangement  regarding movement of gold and rights and obligations  of all the three parties in connection  with the operation of the Scheme.

## 2.7 Utilization  of gold mobitized  under GMS

## 2.7.1 Gold accepted  under STBD

without prejudice  to the generality of the uses of the gold mobilised  under the srBD, the designated  banks may

- i. sell the gold to MMTC for minting lndia Gold Coins (lGC), to jewellers and to other designated banks participating  in GMS; or
- ii. lend the gold under the GML scheme to MMTC for minting lndia Gold Coins (lGC) and to jewellers.

## 2.7.2 Gold accepted under MLTGD

- Gold deposited under MLTGD will be auctioned  by MMTC or any other agency authorized by the Central Government  and the sale proceeds credited to the Central  Government's account  with RBl.
- lt. The entities participating  in the auction may include RBl, MMTC, banks and any olher entities notified by the Central Government in this regard.
- t. Gold purchased  by designated  bank under the auction may be utilized by them for any purposes  indicated  at para 2.7.1 above.

## 2.8 Risk management

- i. The designated  banks are allowed to access the International Exchanges,  London Bullion  Market Association  or make use of Overthecounter  contracts  to hedge exposures to bullion  prices  subject to the guidelines  issued by RBl.
- ii. The designated banks should put in place suitable  risk management mechanisms  including appropriate limits to manage the risk arising from gold price movements in respect  of their net exposure  to gold.

## 2.9 Oversight over the CPTCs and Refineries

- The Central Government, in consultation with BlS, NABL,  RBI and lBA, may put in place  appropriate supervisory  mechanism over the CpTCs and the refiners  so as to ensure observance  of the standards set out for these centres by Government  (BlS and NABL).
- . The Central  Government may take appropriate  action including levy of penalties  against the non-compliant  CpTCs and refiners.
- r. The Central Government may also put in place appropriate grievance redress mechanism  regarding any depositor,s  complaints  against the CPTCs.
- The complaints discrepancy  in redemption  of deposits, payment  of interest will be handled  first by the bank's grievance redress Ombudsman of RBl. process  and then by the Banking against issuance the designated  banks regarding any of  receipts  and deposit certificates,

## 3.1.1 General

- The gold mobilized under STBD may be provided to the jewellers as GIvlL. The designated banks can also  purchase the gold auctioned under MLTGD and extend GML to the  jewellers.
- . The jewellers  will receive  the physical delivery of gold either from the refiners  or from the designated bank, depending on the place where the refined gold is stored.
- The existing Gold (Metal) Loan (GML) Scheme  operated  by nominated banks in terms of paragraph  2.3.12 oI the RBI Master Circular on Loans and Advances dated July 1, 2015 will continue in parallel with GMSlinked GML scheme.  All prudential guidelines  for the existing GML Scheme  as prescribed  in the Master Circular as amended from time to time will also be applicable  to the new Scheme.
- iv. The designated banks other than the nominated  banks shall be eligible to import  gold only for redemption of the gold deposits mobilised under the STBD.

## 3.1.2 lnterest to be charged

The designated banks are free to determine  the interest rate to be charged  on GMSlinked GML.

## 3.1.3 Tenor

The tenor of GMS-linked GML will be the same as under the extant GML scheme.

sd/-

Rajinder  Kumar Chief General Manager

## Chapter lll

## GMS - linked Gold Metal Loan (GML) Scheme

## Annex 1

## Assaying process at the CpTCs

- The fees to be charged  by a CPTC  shail be informed to the customer before doing the XRF test.
- il. There will be a BIS certified protocol  of operations and processes  at all stages of purity  verification  and deposit of gold which are as under:
- i. XRF machine{est  and weighing  of all articles shall be done in the presence  of the customer  and will be recorded by CCTV Camera.
- ii. After XRF test, the customer  will be given the option  to disagree  with the preliminary  test or withdraw the tendered  gold  or he will give his consent for melting and fire assay test.
- iii. On receipt of the customer consent, the gold ornaments will be cleaned of its dirt, studs, meena  etc. and thereafter,  the purity  of the tendered gold will be ascertained  through  a fire assay test in the presence  of the customer.
- iv. ln case the customer agrees  with the result of the fire assay test, he will exercise  his option to deposit the gold  with the bank and in that case the fee charged by the centre will be paid by the bank. However, in case of any disagreement with the fire assay result, the customer  will be given the option to take back the melted gold after paying a nominal fee to the centre.
- v. ln case the customer exercises  the option to deposit the gold, he will be provided  a certificate by the CpTC certifying the weight of the gold  tendered in equivalence  of 99S fineness of gold.
- vi. on receipt of this certificate from the customer,  the bank wiil credit the equivalent quantity  of Standard  gold of 99S fineness in to the depositor's  account.
- vii. Simultaneously,  the CpTC has also to inform the bank about the details of the deposit made by the customer.

/-

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## RESERVE BANK OF INDIA Department of Banking Regulation CentralOffice Mumbai-400 001

RBlt2015-16t221 DBR. rBD.BC.52t 23.67 .003t201 5-1 6

All Scheduled Commercial Banks (excluding RRBs)

Dear Sir/[Madam,

November 3  , 2O15

## Gold Monetisation  Scheme, 2015- Amendment

ln exercise of the powers conferred under. Seclion 35A of the Banking  Regulation Act, 1949, the Reserve Bank of lndia hereby directs that the Reserve Bank of lndia (Gold Monetisation Scheme, 2015) tt4aster Direction No.DBR.lBD.No.45/23.67.003 2015-'16 dated October 22. 2015 be modified  as under:

The existing sub paragraph  2.1.2 (i) shall be amended as follows:

"The  minimum deposit at any one time shall be 30 grams of raw gold (bars, coins,  jewellery  excluding stones and other metals). There is no maximum limit for deposit  under the scheme."

Rajinder Kumar Chief General [\4anager

RBlt2015-16t220

DBR.lBD.BC.53  I23 67 .003t201  5\_16

All Scheduled  Commercial  Banks (excluding  RRBs)

Dear Sir/Madam,

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## RESERVE BANK OF INDIA Department of Banking Regulation Central Office Mumbai-400 001

November  3, 2015

## Gold Monetisation Scheme, 2015- lnterest  Rate

Please refer to the Reserve Bank of lndia Master Direction No.DBR.lBD.No.45/ 23 67.003t  2015-1 6 dated October 22 2015 on Gold Monetisation  Scheme (GMS), 2015.

2. ln this connection,  it is notified in terms of section 2.2.2 (iv) of the above  Master Direction  that the central Government  has fixed the rate of interest on Medium and Long Term Government Deposit (MLTGD)  under the GMS as follows:
2. On medium term deposit -  2.25% p.a.
3. ll On long term deposit -  2.50% p.a.
3. A copy of the list of the collection and Purity Testing centres  (cprcs) and the Refiners participating  in the GMS, as notified  by the Government  of India, is given in Annex.

Rajinder  Kumar Chief General Manager

--

## Note for oad

DBR, RBI has sought information lrom 24 major banks  regarding mobilization  of  gold deposit  under Gold M<jnetization  Scheme. Out of those 24 banks, 1 1 banks  have furnished the desired  information as on December  14,2015, which is tabulated below.

|                                | 5hort term      | 5hort term        | Medium term de    | Medium term de   | Long term deposit   | Long term deposit   |
|--------------------------------|-----------------|-------------------|-------------------|------------------|---------------------|---------------------|
|                                | No of.depositor | Weight in . grams | '.No of depositor | Weight in gramS  | No of depositor     |                     |
| Temple/Trust                   | o               | 0                 | 0                 |                  | 0                   | 0                   |
| lndividuaUHUF                  | 4               | L679.O24          | 10                | 8808.611         | I                   | 2000                |
| MFlGold.ETF                    | 2               | 500000            |                   |                  | 0                   |                     |
| 0thers                         | 0               | 0                 |                   |                  |                     | o                   |
|                                | No of depoiitor | ight in grams     |                   |                  |                     |                     |
| Total of Short term deposit    | 6               | 50x679.O24        |                   |                  |                     |                     |
| Total of ,nediuir term !9P63!t | xo.             | 8808.611          |                   |                  |                     |                     |
| . Total of tohg term.deiosit   | 1               | 2000              |                   |                  |                     |                     |
| Total                          | 77              | .i1248?.635       |                   |                  |                     |                     |

## Annexure