CIRCULAR
DBOD.No.IBD.BC.81/23.67.001/2012-13, dated 14-2-2013
The Central
Government, with a view to bringing privately held stock of gold in
circulation, reduce the country's reliance on import of gold and providing its
owners with some income apart from freeing them from the problems of storage,
movement and security of gold in their possession, had notified Gold Deposit
Scheme 1999 on September 14, 1999. Accordingly, Reserve Bank of India vide
circular No IBS 912/23.67.001/99-2000 dated October 5, 1999 had formulated
guidelines for Gold Deposit Scheme to enable banks authorized to deal in gold to
prepare their own Gold Deposit Schemes.
2. The Central
Government (Department of Financial Services, Ministry of Finance) has now issued
a Notification No.G.S.R.46(E) dated January 24, 2013 enabling Mutual
Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations to
deposit part of their gold with the banks under the scheme.
3. In view of the
above, the guidelines enclosed with our circular dated October 5, 1999 for
operation of the Gold Deposit Scheme have been modified as under:
(i) Under
para 5, presently the banks may either issue a passbook/statement of account or
a certificate/bond to the depositors for deposit of gold, which will be
transferable by endorsement and delivery.
In terms of the
Government Notification dated January 24, 2013, the Gold Certificate would also
mean the final receipt, in dematerialised form or otherwise, issued to a
subscriber of the Scheme after the gold tendered by him has been assayed as
specified in para (ii) below and accepted as deposit by the bank. The gold
deposit certificate shall be transferable by endorsement and delivery, as
hitherto. However, in case of certificates issued in dematerialized form, the
depository rules for transfer would apply.
ii) Under para 6
it is stated that there will be a preliminary assay to ascertain gold content/caratage
in jewellery by a non-destructive technique such as X-Ray/karat meter followed
by a fool-proof method like fire assay.
It has now been
decided that the exception from fire assay / destructive assay will be provided
for physical Gold tendered by Mutual Funds/Gold Exchange Traded Funds approved
by SEBI and complying with the Good delivery norms of the London Bullion Market
Association (LBMA) having a fineness of 995.0 parts per thousand accompanied by
a certificate acceptable to the designated bank.
(iii)
Under para 7, the Resident Indians (Individuals, HUF, Trusts, Companies) may
invest in the scheme.
In terms of the
Government Notification dated January 24, 2013 referred to above, a Trust including
Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund)
Regulations may deposit under the scheme.
iv) Para 12 states
that the deposits may be made available within a maturity range from three to seven
years.
It has now been
decided to change the maturity period, of gold deposits, ranging from six
months to seven years.
v) Para 22
mandates that details of the scheme designed date from which it will be
operational and the branches from which it will be operated, may be advised by
the banks proposing to introduce a gold deposit scheme to RBI for obtaining its
approval.
It has now been
decided that authorised banks would not be required to obtain prior approval of
RBI for introducing the scheme. Banks should, however, inform the details of
the scheme including names of branches operating the scheme to RBI. Banks would
be required to report the gold mobilised under the scheme by all branches in a
consolidated manner on a monthly basis in the revised format (Annexure).
4.
Other
guidelines enclosed with the above mentioned circular, as amended from time to
time, will remain unchanged.
.
.
.
.
.
0 comments:
Post a Comment