India discontinues parts of gold deposit scheme amid rising prices

From brecorder.com

India has discontinued parts of a scheme that encouraged households and institutions to deposit idle gold in exchange for interest payments. The gold monetisation scheme, introduced in 2015, included gold deposits for 1-to-3 years, 5-to-7 years and 12-to-15 years. The 5-to-7 and 12-to-15 year deposits have been discontinued, the finance ministry said late on Tuesday, citing evolving market conditions and performance of the scheme. Banks can continue to offer short-term gold deposits based on commercial viability, the ministry said. After the gold rush: Asian, Mid-East sellers flood jewellery market The move is likely ... (full story)