The government announced on Tuesday that it had terminated the medium-term and long-term government deposit (MLTGD) component of the Gold Monetization Plan (GMS), effective March 26.
Stop the center of this popular gold plan starting March 26; check details
The government announced on Tuesday that it had terminated the medium-term and long-term government deposit (MLTGD) component of the Gold Monetization Plan (GMS), effective March 26.
The Treasury said in a statement that banks can continue their short-term gold deposit plans (1-3 years). Approximately 31,164 kg of gold have been mobilized under the GMS (until November 2024).
“Based on the performance of the Gold Monetization Program (GMS) and evolving market conditions, it has been decided to stop the GMS WEF’s medium-term and long-term government deposit (MLTGD) component on March 26, 2025,” the ministry said.
Short-term money deposit plan continues
Therefore, no gold medal at the designated bank branch under the designated collection and purity testing center (CPTC) or GMS mobilization, collection and testing agent (GMCTA) or GMS components shall be effective on March 26, 2025.
The Gold Monetization Program was announced on September 15, 2015 with the aim of reducing the country’s dependence on gold, in the long run, and mobilizing gold held by families and institutions in the country to promote its use for production purposes.
In addition, banks shall decide at their discretion in accordance with the short-term bank deposits (STBDs) provided by GM in accordance with the commercial feasibility they assess.
“In this regard, detailed guidance from the Reserve Bank will follow,” the government said.
The General Manager consists of three components: short-term bank deposits (1-3 years); medium-term government deposits (5-7 years) and long-term government deposits (12-15 years).
Gold is widely regarded as a safe haven asset and gained appeal during times of geopolitical and economic instability. The metal has reached 16 record highs in 2025, exceeding $3,000 per ounce four times.
(This story has not been edited by DNA staff and published from IANS except for the title)
