On Tuesday, 19th of May 2015 the government released a draft notification containing all the guidelines. This scheme was announced during the Union Budget 2015. The Gold Monetization scheme is to be implemented for the sake for reducing the gold import pressure. As this particular scheme is new, there are various doubts and questions in the minds of citizens. This article has been aimed to address all aspects of this ambitious scheme.
This new gold monetization scheme will replace the 1999 gold deposit scheme and gold metal loan scheme. Both of these schemes were not popular and people showed minimal interest. It would be interesting to see how people respond to this new scheme.