NEW DELHI, Feb 28: Now you can use gold deposit as a fixed deposit as Finance Minister Arun Jaitley today announced introduction of ‘Gold Monetisation Scheme’. According to the scheme, gold deposit will be treated just like a fixed deposit and the interest earned on it will be paid not in rupees but in gold.
Mr Jaitley also proposed in the Budget to produce Gold coin with Ashoka +Chakra to make gold available in coins for increased trade.
He also announced sovereign gold bond fund. Much to the cheer of the bullion industry, the scheme is expected to address more than 90 per cent of gold consumers in India, who do not possess more than 500 gm of gold. (UNI)
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