Modi government has stopped this gold monetization scheme is your money also stuck in it know what will happen next

Gold Monetization Scheme: In a major decision, the central government has announced the closure of the Gold Monetage Scheme (GMS) from 26 March 2025 (Wednesday). The Finance Ministry said that this decision has been taken in view of the changing market situation. However, banks will still be able to run short-term gold deposit schemes of 1 to 3 years duration.

Gold Monettion Scheme

The scheme started on 15 September 2015, which was aimed at putting gold in productive works in house to house and institutions in the country and reducing dependence on gold imports. Till now, about 31,164 kg of gold has been collected through this scheme till November 2024.

What changed now?

The government has closed the medium term (5-7 years) and the long term (12-15 years) Gold deposit scheme. But short-term (1-3 years) deposit scheme can run at its level.

What will happen to depositors gold?

If you have deposited gold in this scheme, then there is no need to panic. The government has made it clear that if your deposit has been completed, you can withdraw it in gold or cash.

Apart from this, those whose deposit is still going on, will continue to get interest and will get money or gold on maturity. Whereas if you want to remove gold ahead of time, the earlier rules will apply, which may be cut. If the question arises in your mind that what will happen after March 26? So let us tell you that now new gold will not be deposited in medium and long term schemes. Whereas gold already deposited will continue to run in the same way.

How much gold was stored?

Short Term: 7,509 kg

Medium Term: 9,728 kg

Long Term: 13,926 kg

A total of 5,693 people had deposited their gold in this scheme.

Gold price boom

On 1 January 2024, gold was Rs 63,920 per 10 grams, which increased by 41.5 per cent to Rs 90,450 per 10 grams by 25 March 2025. So if you have invested in this scheme, then there is nothing to worry. The government is guaranteeing the security of your deposit.

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