Question
Gold Monetisation Scheme replaced which of the following
schemes of the banks?Solution
Gold Monetisation Scheme (GMS), 2015 comprises the previous 'Gold Deposit Scheme’ and the 'Gold Metal Loan’ scheme, revamped and linked together in GMS. The Government of India announced this scheme dated September 15, 2015. The objective of the Scheme is 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 the country's reliance on the import of gold.
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