सोना रखने की लिमिट से मत घबराएं, अतिरिक्त सोना गोल्ड मोनेटाइजेशन स्कीम में जमा कराएं, जानें स्कीम की खास बातें

अभी ज्यादा दिन नहीं हुए। करीब दो महीने पहले की बात है। एक मित्र के साथ मोदी सरकार द्वारा शुरू की गई सोने में निवेश से संबंधित स्कीम पर चर्चा हो रही थी। चर्चा के दौरान मेरे मित्र ने मुझसे पूछा," मेरे पास सोने की कुछ जूलरी पड़ी है, क्या उसके लिए कोई स्कीमहै। " मैंने तपाक से बोला, हां है, ना। उन्होंने मुझसे विस्तार से उस स्कीम के बारे में पूछा। विस्तार से आगे उस स्कीम के बारे में मैं बताउंगा, लेकिन अभी उसका नाम जान लीजिए, उस स्कीम का नाम है गोल्ड मोनेटाइजेशन स्कीम। 

((बढ़ता रहे देश, 'सोने पे सुहागा' होगा आपका निवेश: भाग-1 

((बढ़ता रहे देश, 'सोने पे सुहागा' होगा आपका निवेश: भाग-2

((बढ़ता रहे देश, 'सोने पे सुहागा' होगा आपका निवेश: भाग-3

((गोल्ड बान्ड या जूलरी; सोने में निवेश के लिए बेहतर कौन ? 

मुझे नहीं पता कि मेरे मित्र ने अपनी अतिरिक्ति जुलरी को गोल्ड मोनेटाइजेशन स्कीम के तहत जमा कराया या नहीं, लेकिन इन दिनों जो लोग सरकार के सोने पर लिमिट तय कर देने से परेशान हैं, इस स्कीम से उनकी परेशानी कुछ हद तक दूर हो सकती है। 

((सोने पर सरकार की सफाई, आपके पास रखा सोना जब्त होगा या नहीं, जानिए

>क्या है सोने पर लिमिट तय करने के नये नियम:

 सोने के आभूषणों- गहनों पर विभिन्न स्पष्टीकरणः किसी भी व्यक्ति द्वारा पैतृक सहित आय के स्पष्ट स्रोत से प्राप्त स्वर्ण आभूषण या गहने रखने की कोई सीमा नहीं सोने के आभूषणों- गहनों के संबंध में आयकर कानून की वर्तमान स्थिति को लेकर किसी भी तरह की शंका को दूर करने के लिए यह स्पष्ट किया जाता है किः

(क) किसी भी व्यक्त द्वारा पैतृक सहित आय के स्पष्ट स्रोत से प्राप्त स्वर्ण आभूषण या गहने रखने की कोई सीमा नहीं।

(ख) 11.5.1994 के सर्कुलर के माध्यम से सोने और आभूषण की जब्ती के विषय में निर्देश जारी किए गए हैं।

(ग) विवाहित महिला से 500 ग्राम, अविवाहित महिला से 250 ग्राम तथा परिवार के प्रति पुरूष सदस्‍य से 100 ग्राम तक सोने के आभूषणों तथा  गहनों की जब्‍ती नहीं की जाएगी। उस स्थिति में भी जब सरसरी तौर पर यह निर्धारिती की आय रिकार्ड से मेल नहीं खाता।

(घ) परिवार के रस्म-रिवाज और परंपरा आधारित उच्च मात्रा के स्वर्ण आभूषण को जब्त नहीं करने का विवेकाधिकार तलाशी करने वाले अधिकारी को प्राप्त है।

प्रेस नोट 01.12.2016

कराधान कानून (दूसरा संशोधन) विधेयक, 2016 के परिणामस्‍वरूप, जोकि लोकसभा में पारित हो गया है तथा राज्‍यसभा में विचाराधीन है, कुछ अफवाहों का दौर बना दिया गया है कि पैतृक आभूषणों सहित सोने के सभी आभूषणों पर 75 प्रतिशत की दर से कर और उपकर लगाया जाएगा। इसके साथ ही  भुगतान योग्‍य कर की 10 प्रतिशत देयता पर अतिरिक्‍त शास्‍ति भी लगेगी।

2. यह एतद्द्वारा स्‍पष्‍ट किया जाता है कि उपर्युक्‍त विधेयक में आभूषणों पर कर लगाने संबंधी कोई नया प्रावधान अंत: स्‍थापित नहीं किया गया है। इस विधेयक का उद्देश्‍य केवल आयकर अधिनियम, 1961 (इस अधिनियम) की धारा 115 खखड़ के तहत लागू कर की मौजूदा दर को 30 प्रतिशत से बढ़ाकर 60 प्रतिशत करना है, जिसमें 25 प्रतिशत अधिभार तथा उस पर उपकर भी शामिल है। इस धारा में केवल आभूषण सहित परिसंपत्‍तियों में अस्‍पष्‍ट निवेश के मामले में लगाए जाने वाली कर की दर का उपबंध किया गया है। आय के रूप में इन परिसंपत्‍तियों की प्रभार्यता धारा 69, 69क तथा 69ख के प्रावधानों के द्वारा शासित होती हैं, जो कि 1960 से इस अधिनियम का भाग है। इस विधेयक का उद्देश्‍य इन धाराओं के प्रावधानों में संशोधन करना नहीं है। धारा 115 खखड़ के तहत कर की दर को बढ़ाए जाने का प्रस्‍ताव है क्‍योंकि यह रिपोर्ट मिली है कि कर अपवंचक अपनी अघोषित आय को बिजनेस आय या अन्‍य स्रोतों से होने वाली आय के रूप में आय की विवरणी में शामिल करने का प्रयास कर रहें हैं। धारा 115 खखड़ के प्रावधान उन मामलों में लागू होते हैं जहां परिसंपत्‍ति  अथवा नकदी आदि को ‘अस्‍पष्‍ट नकदी अथवा परिसंपत्‍ति‘ के रूप में घोषित किया जाना प्रार्थित है अथवा जहां इसे निराधार बिजनेस आय के रूप में छिपाया गया हो, तथा निर्धारिती अधिकारी ने इसका पता लगा लिया हो। ये कार्रवाइयां मुख्‍यत: उन मामलों में की जाती हैं, जहां विवरणी दाखिल की गई हो।

3. यह स्‍पष्‍ट किया जाता है कि अघोषित आय अथवा छूट प्राप्‍त आय जैसे कृषि से होने वाली आय या युक्‍तियुक्‍त घरेलू बचतों या कानूनी रूप से प्राप्‍त विरासत, जोकि स्‍पष्‍ट स्रोतों से अर्जित की गई हो, से खरीदे गए आभूषण/सोने पर न तो वर्तमान प्रावधानों के तहत, न ही प्रस्‍तावित संशोधित प्रावधानों के तहत कर लगता है। इस संबंध में, अनुदेश सं. 1916 के संदर्भ में भी ध्‍यान आकर्षित किया जाता है, जिसमें यह प्रावधान है कि तलाशी अभियानों के दौरान प्रति विवाहित महिला से 500 ग्राम, प्रति अविवाहित महिला से 250 ग्राम तथा परिवार के प्रति पुरूष सदस्‍य से 100 ग्राम तक सोने के आभूषणों तथा गहनों की जब्‍ती नहीं की जाएगी। इसके अतिरिक्‍त किसी भी सीमा तक वैध तरीके से आभूषणों को रखना पूरी तरह से सुरक्षित है।

>अब तो आप समझ गए होंगे कि सोना रखने की लिमिट और शर्त क्या है और लिमिट से ज्यादा सोने रखने पर आपका कितना जुर्माना देना होगा। तो फिर, अतिरिक्त सोना छुपाकर रखने से फायदा तो है नहीं। क्यों ना, इस अतिरिक्त सोने को ऐसी जगह निवेश करें जहां आपको सोना सुरक्षा भी हो, उससे कमाई भी हो और उस पर 

टैक्स भी ना लगें। इसके लिए गोल्ड मोनेटाइजेशन स्कीम एक बेहतर विकल्प हैं। 

>गोल्ड मोनेटाइजेशन स्कीम की खास बातें:  

-आख़िर होती किस लिए है:

लॉकर में रखे हुए गोल्ड का मूल्य उसकी क़ीमत के साथ बढ़ता तो है लेकिन वह आपको नियमित रुप से कोई ब्याज या डिविडेन्ड नही देता है। इसके विपरीत आपके ऊपर ही लागतें लगती हैं (जैसे लॉकर का किराया, आदि। मॉनेटाईज़ेशन स्कीम, आपको अपने गोल्ड पर नियमित ब्याज कमाने का मौक़ा देती है और आपके ख़र्चों को भी बचाती है। यह एक प्रकार का गोल्ड सेविंग अकाउन्ट होता है जिसमें, आप जो गोल्ड डिपॉज़िट करते हैं, उस पर ब्याज मिलता है।  आप गोल्ड को फिज़िकल तरीक़े से डिपॉज़िट कर सकते हैं, जैसे ज्वेलरी, कॉइन्स या बार। इस गोल्ड पर इसके वज़न और मैटल वैल्यू के एप्रीसियेशन के आधार पर ब्याज मिलता है। आपको यह गोल्ड 995 फाईननेस गोल्ड के रुप में या भारतीय रुपयों में मिल सकता है, जैसा आप चाहें (यह विकल्प डिपॉज़िट के समय चुनना होता है)।

-अकाउन्ट खोलने के फ़ायदे: गोल्ड मॉनेटाईज़ेशन स्कीम में डिपॉज़िट करने के अनेक फ़ायदे हैं: 

1-मसलन, गोल्ड मॉनेटाईज़ेशन स्कीम में आपको अपनी उस गोल्ड ज्वेलरी पर ब्याज मिलता है जो कि आपके लॉकर में पड़ी रहती है। टूटी हुई ज्वेलरी या फिर वह ज्वेलरी जिसे आप पहनना नही चाहते, उसके गोल्ड पर आपको ब्याज मिल सकता है। अकाउंट खुलवाना आसान है। जैसे बचत बैंक अकाउंट खुलवाते हैं, उसी तरह गोल्ड मोनेटाइजेशन  स्कीम के लिए भी अकाउंट खुलेगा।  आपको केवाईसी से संबंधित दस्तावेज बैंक के पास जमा कराने होंगे। 

2-कॉइन्स और बार पर, धातु की क़ीमत में वृद्धि के अलावा ब्याज भी मिलता है।

आपके गोल्ड की सुरक्षा बैंक द्वारा की जाती है।

3-इसका रिडम्पशन आपको फ़िज़ीकल गोल्ड या रुपयों में मिल सकता है, जिससे आपको आगे 

और भी धन प्राप्त करने का अवसर मिल सकता है।

4-इस तरह से होने वाली आमदनी पर कैपिटल गेन टैक्स, वैल्थ टैक्स और इन्कम टैक्स से छूट

 मिलती है। डिपॉज़िट किए गए गोल्ड की बढ़ी हुई क़ीमत पर या उससे आपको मिलने वाले ब्याज 

भी कैपिटल गेन टैक्स नहीं लगता है।

>शामिल अवधि (मिनिमम लॉक इन पीरियड):

निर्धारित बैंक द्वारा गोल्ड डिपॉज़िट को छोटी अवधि (1-3 वर्ष) बैंक डिपॉज़िट, मध्यम (5-7 वर्ष) और दीर्घावधि बैंक डिपॉज़िट (12-15 वर्ष) की सरकारी डिपॉज़िट स्कीम्स में जमा किया जाता है।

>परिपक्वता अवधि से पहले निकासी: इस काम के लिए निर्दिष्ट बैंक मिनिमम लॉक इन पीरियड के मद्देनजर परिपक्वता अवधि से पहले  पूरा डिपॉजिट  या कुछ हिस्सा निकालने की अनुमति दे सकते हैं  और इस पर जुर्माना लगा सकते हैं। 

>कितना ब्याज मिलेगा:  मध्यम अवधि के डिपॉजिट में 2.25% जबकि लंबी अवधि के डिपॉजिट पर 2.5% सालाना। रिजर्व बैंक समय-समय पर ब्याज दर अधिसूचित करता रहता है। ब्याज दर पर नजर बनाए रखे। 

>कम से कम कितना और ज्यादा से ज्यादा कितना सोना जमा करें: कम से कम कुल 30 ग्राम (जुलरी, सिक्के, बार सब मिलाकर), जबकि अधिक की कोई सीमा नहीं है, जमा कर सकते हैं। 

>गोल्ड की प्योरिटी को जांचें (वेरिफाई करें):

आपके गोल्ड की प्योरिटी की जांच करना ज़रूरी है और यह अब कलेक्शन और प्योरिटी टेस्टिंग सेन्टर्स के ज़रिए किया जा सकता है। आप अपने गोल्ड को किसी भी रूप में इन सेन्टर्स पर ले जा सकते हैं और वे आपके ही सामने गोल्ड की जांच करेंगे एवं प्योरिटी व गोल्ड कन्टेन्ट का प्रमाण-पत्र देंगे, जैसे ही आप उपलब्ध डिपॉज़िट स्कीमों में से किसी एक में गोल्ड जमा करना तय करते हैं।

>डिपॉज़िटर के लिये पात्रता:

भारतीय निवासी {एकल, हिन्दू अविभाजित परिवार, ट्रस्ट जिसमें म्युच्युअल फ़न्ड / एक्स्चेन्ज ट्रेडेड फन्ड जो क SEBI (म्युच्युअल फन्ड) नियामक और कंपनियों} में पंजीकृत हों, इस स्कीम में डिपॉज़िट कर सकते हैं। ग्राहक की पहचान के विषय में गोल्ड डिपॉज़िट एकाउंट्स खोलना उन ही सारे नियमों के अधीन होगा, जो किसी भी अन्य डिपॉज़िट अकाउन्ट पर लागू होते हैं।

>बैंक द्वारा गोल्ड के साथ क्या किया जाएगा:

निर्धारित बैंक द्वारा शॉर्ट टर्म बैंक डिपॉज़िट के तहत, स्वीकार किए जाने वाला गोल्ड एमएमटीसी (MMTC) को इंडिया गोल्ड कॉइन्स मिन्टिंग के लिये या ज्वेलर्स को या उन बैंक्स को बेचा जा सकता है जो कि इस स्कीम में सहभागी हैं।

>स्वर्ण मौद्रीकरण योजना (गोल्ड मोनेटाइजेशन स्कीम यानी जीएमएस) 2015:

स्वर्ण मौद्रीकरण योजना मौजूदा स्वर्ण जमा योजना, 1999 का स्थान लेगी। हालांकि, स्वर्ण जमा योजना के तहत बकाया जमा को परिपक्वता तक चलने दिया जाएगा, अलबत्ता जमाकर्ता उन्हें समय से पहले वापस न ले लें।

भारत के निवासी (व्यक्ति विशेष, एचयूएफ यानी संयुक्त हिंदू परिवार, ट्रस्ट जिनमें सेबी (म्युचुअल फंड) विनियम एवं कंपनियों के तहत पंजीकृत म्युचुअल फंड/एक्सचेंज  ट्रेडेड फंड शामिल हैं) इस योजना के तहत जमा कर सकते हैं। इसमें एक समय में कम से कम 30 ग्राम 995 शुद्धता वाला सोना (सोने की छड़, सिक्का, स्टोंस व अन्य

मेटल रहित गहने)  बैंक में रखना होगा। इस योजना में जमा करने के लिए कोई अधिकतम सीमा निर्धारित नहीं है।

इस योजना के तहत केंद्र सरकार द्वारा अधिसूचित और भारतीय मानक ब्यूरो (बीआईएस) द्वारा प्रमाणित संग्रह एवं पवित्रता परीक्षण केंद्रों (सीपीटीसी) पर भी सोने को स्वीकार किया जाएगा। बैंकों द्वारा 995 शुद्धता वाले सोने के बराबर जमा प्रमाणपत्र जारी किए जाएंगे। योजना के तहत जमा का मूलधन और ब्याज सोने में नामित किया जाएगा। नामित बैंक सरकारी जमा योजनाओं के तहत स्वर्ण को अल्पावधि स्वर्ण डिपॉजिट (एक से तीन साल), मध्यम अवधि (पांच से सात साल) और  लंबी अवधि (12 से 15 साल) तक के लिए जमा कर सकेंगे।

((इनकम टैक्स का नोटिस मिला है, क्या करूं ? 

> अंग्रेजी में जानें इस स्कीम की खासियत-

Headings		Details
Purpose		·         To mobilize the idle gold in the country and put it into productive use. ·         To provide the customers an opportunity to earn interest income on their idle gold holdings.
Eligibility		Any Resident Indian of the following categories: ·         Individuals, singly or jointly (as Former or Survivor) ·         Proprietorship & Partnership firms. ·         HUFs ·         Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) ·         Companies
Minimum Quantity		30 gms (gross) (No upper limit for deposit)
Types of deposit		Short Term Bank Deposit (STBD): Tenure 1 to 3 years. Redemption either in rupee equivalent or gold. Medium and Long Term Government Deposit (MLTGD): Tenure: 5-7 years and 12-15 years. The deposit will be accepted by the Bank on behalf of the Central Government. Redemption of the deposit will be only in INR equivalent of the value of gold as per then prevailing price of gold.
Rate of Interest & Payment		STBD: The current interest rates are: 0.50% p.a. for 1 year, 0.55 % for 2 years and 0.60% for 3 years. Option for Interest Payment: STBD: Non-Cumulative (on 31st March) every year or Cumulative (On Maturity) MLTGD: 5-7 years: 2.25% p.a. 12-15 Years: 2.50% pa. The principal and interest on STBD shall be denominated in gold. In the case of MLTGD, the principal will be denominated in gold. However, the interest on MLTGD shall be calculated in Indian Rupees with reference to the value of gold at the time of the deposit.
Acceptance of gold		Gold i.e. Gold bars, Coins, Jewellery etc. will be accepted in scrap form only.Customers to submit Application Form, Identification Proof, Address Proof and Inventory Form.
Issue of Gold Deposit Certificate		Gold Deposit Certificate (in 995 fineness) will be issued by Nodal Branch and will be sent to the depositor by Bullion Branch, Mumbai.
Issue of Gold Deposit Certificate		·         Gold Deposit Certificate will be issued by Nodal Branch (i.e. Bullion Branch, Mumbai). ·         The certificate will be issued for pure gold contents (i.e. in 995 fineness) ·         Gold Deposit Certificate (GDCs) will be sent to the depositor by Nodal Branch i.e. Bullion branch, Mumbai.
Effective Date		Interest 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 whichever is earlier.
Nomination facility		Available for deposits in single names in individual capacity.
Repayment		STBD: Option to take repayment of principal either in gold or equivalent rupees as on the date of maturity. MLTGD: Redemption of the deposit will be only in INR equivalent of the value of gold as per then prevailing price of gold
Premature payment		STBD:Premature payment permitted after a lock-in period of 1 year with a penalty on applicable interest rate. MLTGD: A Medium Term Government Deposit (MTGD) is allowed to be withdrawn any time after 3 years and a Long Term Government Deposit (LTGD) after 5 years. Premature penalty will be as per RBI Notification dated 21.01.2016.
Authorised Branches		·         P B Branch, New Delhi ·         SME Branch Chandni Chowk, Delhi ·         Coimbatore Branch ·         Hyderabad Main Branch ·         Thyagarayanagar Branch, Chennai
	Gold Monetisation Scheme, 2015
	RBI/2015-16/211 Master Direction No.DBR.IBD.No.45/23.67.003/2015-16 October 22, 2015 (Updated as on March 31, 2016) (Updated as on January 21, 2016) Gold Monetisation Scheme, 2015 In exercise of the powers conferred on the Reserve Bank of India (RBI) under Section 35 A of the Banking Regulation Act, 1949 and in pursuance of the Central Government notification issued vide Office Memorandum F.No.20/6/2015-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 1.1 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 India (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. 1.3 Definitions In this Direction, unless the context otherwise requires, the following terms shall bear the meanings assigned to them below: i.            Collection and Purity Testing Centre (CPTC) - The collection and assaying centres certified by the Bureau of Indian Standards (BIS) and notified by the Central Government for the purpose of handling gold deposited and redeemed under GMS. ii.            Designated bank – All Scheduled Commercial Banks (excluding RRBs) that decide to implement the Scheme. iii.            Gold Deposit Account – An account opened with a designated bank under the Scheme and denominated in grams of gold. iv.            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. Chapter II Revamped Gold Deposit Scheme (R-GDS) 2.1 Basic features 2.1.1 General i.            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.   ii.            All designated banks will be eligible to implement the scheme. iii.            The principal and interest on STBD shall be denominated in gold. In the case of MLTGD, the principal will be denominated in gold. However, the interest on MLTGD shall be calculated in Indian Rupees with reference to the value of gold at the time of the deposit. iv.            Persons eligible to make a deposit - Resident Indians (Individuals, HUFs, Proprietorship & Partnership firms, 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. v.            All deposits under the scheme shall be made at the CPTC. Provided that at their discretion, banks may accept the deposit of gold at the designated branches, especially from the larger depositors. Provided further that banks may, at their discretion, also allow the depositors to deposit their gold directly with the refiners that have facilities to carry out final assaying and to issue the deposit receipts of the standard gold of 995 fineness to the depositor. vi.            Interest 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. viii.            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 of gold at any subsequent valuation dates and for the conversion of gold into Indian Rupees under the Scheme. ix.            Designated banks shall inform the RBI of their decision to participate in the Scheme as soon as the policy to implement the Scheme is approved by their Board. They shall also report to the RBI the gold mobilized under the Scheme by all branches in a consolidated manner on a monthly basis as per the format given in the Annex-2. x.            Tax implications on GMS shall be as notified by the Central Government from time to time. xi.            The quantity of gold will be expressed up to three decimals of a gram. 2.1.2 Acceptance of deposits i.            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. ii.            All gold deposits under the scheme, whether tendered at the CPTC or 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. iii.            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 Statutory Liquidity Ratio (SLR) dated 1 July 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 Indian 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 Indian 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.  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 Government. iv.            The Medium Term Government Deposit (MTGD) can be made for 5-7 years and Long Term Government Deposit (LTGD) for 12-15 years or for such period as may be decided by the Central Government from time to time. (a) The rate of interest on such deposit will be decided by Central Government and notified by Reserve Bank of India from time to time. The current rate of interest as notified by the Central Government are as under: (i) On medium term deposit   – 2.25% p.a. (ii) On long term deposit        – 2.50% p.a. (b) The designated banks may allow whole or part premature withdrawal of the deposit subject to minimum lock-in period and penalties as under: (i)  Minimum lock-in period A Medium Term Government Deposit (MTGD) is allowed to be withdrawn any time after 3 years and a Long Term Government Deposit (LTGD) after 5 years. (ii)  Penalty on premature withdrawal The amount payable to the depositor on premature withdrawal shall be calculated as a sum of (A) and (B), as indicated below: (A)  Actual market value of the gold deposit on the day of withdrawal. (B)  Interest payable on the value of the gold at the time of deposit as under1. Type of deposit Lock-in period (years) Actual period for which the deposit has run (years) >3 and < 5 >5 and < 7 MTGD      3 Applicable rate for MTGD at the time of deposit - 0.375% Applicable rate for MTGD at the time of deposit - 0.25% Type of deposit Lock-in period (years) Actual period for which the deposit has run (years) >5 and < 7 >7 and < 12 >12 and < 15 LTGD      5 Applicable rate for MTGD at the time of deposit - 0.25% Applicable rate for LTGD at the time of deposit - 0.375% Applicable rate for LTGD at the time of deposit - 0.25% v.            In the case of MLTGD, the redemption of principal at maturity shall, at the option of the depositor, be either in Indian Rupee equivalent of the value of deposited gold at the time of redemption, or in gold. Where the redemption of the deposit is in gold, an administrative charge at a rate of 0.2% of the notional redemption amount in terms of INR shall be collected from the depositor. However, the interest accrued on MLTGD shall be calculated with reference to the value of gold in terms of Indian Rupees at the time of deposit and will be paid only in cash. vi.            The gold received under MLTGD will be auctioned by the agencies notified by Government and the sale proceeds will be credited to Government’s account held with RBI.  vii.            Reserve Bank of India will maintain the Gold Deposit Accounts denominated in gold in the name of the designated banks that will in turn hold sub-accounts of individual depositors. viii.            The details of auctioning and the accounting procedure will be notified by Government of India. ix.            Central Government has decided that for initial period of one year from the date of launch of the Scheme i.e. November 5, 2015, designated banks will be paid handling charges (including gold purity testing, refining, transportation, storage and any other relevant costs) for MLTGD at a flat rate of 1.5% and commission at the rate of 1% of the rupee equivalent of the amount of gold mobilized under the scheme. Explanation: For the purpose of computing the charges and commission payable to banks, the rupee equivalent of the gold deposited shall be calculated based on the price of gold prevailing at the time of deposit. 2.3 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 CPTC after complying with KYC norms as prescribed by Reserve Bank of India. The designated banks will credit the STBD or MLTGD, as the case may be, with the amount of 995 fineness gold as indicated in the advice received from CPTC, after 30 days of receipt of gold at the CPTC, regardless of whether the depositor submits the receipt for issuance of the deposit certificate or not. 2.4 Collection and Purity Testing Centres i.            The Central Government will notify a list of BIS certified CPTCs under the Scheme and shall be communicated to the banks through Indian Banks’ Association (IBA). ii.            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). iii.            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. iv.            The schedule of fees charged by the CPTCs shall be displayed at a prominent place at the centre. v.            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 deposit2. vi.            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. vii.            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 refiner and the designated bank in accordance with the terms of the tripartite agreement. viii.            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 is later. x.            The assaying process at the CPTC is described in Annex-1. 2.5 Transfer of gold to the Refiners i.            The designated banks will be free to select the refiners based on their assessment regarding the credibility of these entities. ii.            The CPTCs will transfer the gold to the refiners as per the terms and conditions set out in the tripartite agreement. iii.            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. iv.            For the services provided by the refiners, the designated banks will pay a fee as decided mutually. v.            The refiners shall not collect any charge from the depositor. 2.6 Tripartite agreement between the designated banks, refiners and CPTCs i.            Every designated bank shall enter into a legally binding tripartite agreement with the refiners and CPTCs with whom they tie up under the Scheme. ii.            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. iii.            The tripartite agreement shall have enabling provision for direct deposit of gold with the refineries as well. In the alternate, banks shall enter into bipartite agreements with the refiners, stating out the terms of that arrangements besides the tripartite agreement. 2.7 Utilization of gold mobilized under GMS 2.7.1 Gold accepted under STBD Without prejudice to the generality of the uses of the gold mobilised under the STBD, the designated banks may i.            sell the gold to MMTC for minting India Gold Coins (IGC), to jewellers and to other designated banks participating in GMS; or ii.            lend the gold under the GML scheme to MMTC for minting India Gold Coins (IGC) and to jewellers. 2.7.2 Gold accepted under MLTGD i.            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 RBI. ii.            The entities participating in the auction may include RBI, MMTC, banks and any other entities notified by the Central Government in this regard. iii.            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 Over-the-counter contracts to hedge exposures to bullion prices subject to the guidelines issued by RBI. 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 i.            The Central Government, in consultation with BIS, NABL, RBI and IBA, 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 (BIS and NABL). ii.            The Central Government may take appropriate action including levy of penalties against the non-compliant CPTCs and refiners. iii.            The Central Government may also put in place appropriate grievance redress mechanism regarding any depositor’s complaints against the CPTCs. iv.            The complaints against the designated banks regarding any discrepancy in issuance of receipts and deposit certificates, redemption of deposits, payment of interest will be handled first by the bank’s grievance redress process and then by the Banking Ombudsman of RBI. Chapter III GMS - linked Gold Metal Loan (GML) Scheme 3.1.1 General i.            The gold mobilized under STBD may be provided to the jewellers as GML. The designated banks can also purchase the gold auctioned under MLTGD and extend GML to the jewellers. ii.            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. iii.            The existing Gold (Metal) Loan (GML) Scheme operated by nominated banks in terms of paragraph 2.3.12 of the RBI Master Circular on Loans and Advances dated July 1, 2015 will continue in parallel with GMS-linked 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 Interest to be charged The designated banks are free to determine the interest rate to be charged on GMS-linked GML. 3.1.3 Tenor The tenor of GMS-linked GML will be the same as under the extant GML scheme. Rajinder Kumar Chief General Manager Annex 1 Assaying process at the CPTCs I. The fees to be charged by a CPTC shall be informed to the customer before doing the XRF test. II. 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-test 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.            In 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.            In 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 995 fineness of gold. vi.            On receipt of this certificate from the customer, the bank will credit the equivalent quantity of Standard gold of 995 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. 1 An illustration of the interest calculation as under: Type of deposit Lock-in period (years) Actual period for which the deposit has run (years) >3 and < 5 >5 and < 7 MTGD Position as on date 2.250%-0.375% = 1.875% 2.250%-0.250% = 2.00% >5 and < 7 >7 and < 12 >12 and < 15 LTGD Position as on date 2.250%-0.250% = 2.00% 2.500%-0.375%=2.125% 2.500%-0.250%=2.25% 2 The Indian Banks’ Association (IBA) 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 available to the depositor upfront and should include all the terms and conditions of the scheme including the schedule of charges. The documentation should be posted on IBA’s website and should also be available in physical form at the CPTCs.