Question

A scheme that facilitates the depositors of gold to earn interest on their metal accounts, is called? 

A Gold Deposit Scheme Correct Answer Incorrect Answer
B Gold Monetisation Scheme Correct Answer Incorrect Answer
C Gold Sovereign Bond Correct Answer Incorrect Answer
D Gold Cash Scheme Correct Answer Incorrect Answer
E Yellow Metal Loan Correct Answer Incorrect Answer

Solution

GMS is a scheme that facilitates the depositors of gold to earn interest on their metal accounts. Once the gold is deposited in metal account, it will start earning interest on the same. 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.

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