India, March 25 -- The Government of India issued the following news release:
The Gold Monetisation Scheme (GMS) was announced on 15th September, 2015 with the objective to reduce country's reliance on the import of gold in the long run and mobilise gold held by households and institutions in the country to facilitate its use for productive purposes.
The GMS comprised of 3 components:
Short Term Bank Deposit (1-3 years)
Medium Term Government Deposit (5-7 years), and
Long-Term Government Deposit (12 - 15 years)
Based on the examination of the performance of the Gold Monetisation Scheme (GMS) and evolving market conditions, it has been decided to discontinue the Medium Term and Long Term Government Deposit (MLTGD) components of the GMS w....