Corporate Updates – 27-10-2015


The Reserve Bank of India today issued a Direction to all Scheduled Commercial Banks (excluding Regional Rural Banks) on implementation of the Gold Monetisation Scheme, 2015 (GMS). The GMS will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the Gold Deposit Scheme will be allowed to run till maturity unless the depositors prematurely withdraw them. Resident Indians (Individuals, HUF, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations and Companies) can make deposits under the scheme. The minimum deposit at any one time shall be raw gold (bars, coins, jewellery excluding stones and other metals) equivalent to 30 grams of gold of 995 fineness. There is no maximum limit for deposit under the scheme. The gold will be accepted at the Collection and Purity Testing Centres (CPTC) certified by Bureau of Indian Standards (BIS) and notified by the Central Government under the Scheme. The deposit certificates will be issued by banks in equivalence of 995 fineness of gold. Further, the principal and interest of the deposit under the scheme will be denominated in gold. The opening of gold deposit accounts will be subject to the same rules with regard to customer identification (KYC) as are applicable to any other deposit account.


DVAT Authorities with an intention to update the profile of dealers has made it mandatory for all registered dealers to inform the Commissioner about any change effected in the registration particulars in Form DP-1. The authorities have initially announced the last date as 31-03-2015 which was extended till 30-09-2015. The DVAT Authorities have again extended the last date for submission of Form DP – 1 online till 23/11/2015 and rest of the provisions will remain the same. Further, the form is required to be filed by all the dealers registered upto 30/09/2015 with the DVAT Authorities.

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