Centre Likely to Revamp Gold Monetisation Scheme to Reduce Imports

General Business

Posted by kumar on 2026-05-13 11:31:52 |

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Centre Likely to Revamp Gold Monetisation Scheme to Reduce Imports

The Central Government is likely to introduce a revamped Gold Monetisation Scheme to reduce India’s dependence on gold imports and bring idle household gold into the formal economy. The original scheme, launched in 2015, allowed people to deposit unused gold in banks and earn interest, but it received limited response due to low returns and complex procedures.

             In March 2025, the government discontinued medium- and long-term deposit schemes, while short-term deposits continued through banks. Reports estimate that India holds nearly 25,000–35,000 tonnes of idle gold in households and institutions, even as rising gold imports continue to pressure foreign exchange reserves.

        The proposed revamp is expected to focus on simpler procedures, better returns, and increased public participation.