The twin schemes -- Gold Monetisation Scheme (GMS) and Gold Bond Scheme (GBS)-- was approved by the Cabinet last week. The schemes would come into effect after notification by the Finance Ministry.
     
The GMS provides an option to people to monetise physical gold by depositing them with authorised banks and earning interests from such deposits.
     
In an office memorandum, the Finance Ministry said there are a total 331 of BIS recognised Assaying and Hallmarking Centres wherein the purity of physical gold would be verified.
 
It also gave the details of melting charges of gold wherein the minimum charge for up to 100 gm is Rs 500 per lot, which can go up to Rs 1,3400 for that of 900 gm to 1,000 gm.
     
The interest rate on these two schemes would be decided by the Government upon consultation with the RBI, said the office memorandum.

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