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Financials
The Gold Monetization Scheme (GMS), introduced by the Indian government in 2015, has been a significant initiative aimed at mobilizing idle gold held by households and institutions. Recently, the government announced that certain components of the GMS will be partially closed, causing a stir among investors and gold enthusiasts. However, there are still viable options for those looking to invest in gold through this scheme. In this article, we will explore the changes to the GMS, the reasons behind them, and how you can continue to invest in gold effectively.
The Gold Monetization Scheme was designed to encourage individuals and institutions to deposit their gold with banks, which would then lend it to jewellers or use it to meet the country's gold demand. The scheme offered various options, including the Short Term Bank Deposit (STBD), Medium Term Government Deposit (MTGD), and Long Term Government Deposit (LTGD).
The government has decided to partially close the Short Term Bank Deposit (STBD) component of the GMS. This decision was made due to low participation and operational challenges faced by banks in managing short-term gold deposits. However, the Medium Term Government Deposit (MTGD) and Long Term Government Deposit (LTGD) components will continue to operate as usual.
Despite the partial closure of the STBD, there are still attractive options available for those looking to invest in gold through the GMS. Here’s how you can continue to benefit from the scheme:
The MTGD allows you to deposit your gold for a period of 5-7 years. This option is ideal for those who are willing to lock in their gold for a medium-term period and receive interest in cash.
The LTGD is designed for those who are willing to deposit their gold for a longer period, typically 12-15 years. This option is perfect for long-term investors looking to maximize their returns.
Apart from the GMS, there are other ways to invest in gold that you might consider:
Gold Exchange Traded Funds (ETFs) and mutual funds offer a convenient way to invest in gold without the need for physical storage. These financial instruments track the price of gold and can be bought and sold like stocks.
Sovereign Gold Bonds are government securities denominated in grams of gold. They offer a fixed interest rate of 2.50% per annum, paid semi-annually, and are a safe and secure way to invest in gold.
Investing in gold can be a smart move, but it's essential to approach it with a well-thought-out strategy. Here are some tips to help you make the most of your gold investments:
The partial closure of the Short Term Bank Deposit component of the Gold Monetization Scheme may have caused some concern among investors. However, the Medium Term Government Deposit and Long Term Government Deposit options remain open, offering attractive opportunities for those looking to invest in gold. Additionally, other investment options such as Gold ETFs, mutual funds, and Sovereign Gold Bonds provide further avenues for gold investment. By understanding the changes to the GMS and exploring all available options, you can continue to make informed and profitable gold investments.
