NEW GOVERNMENT
COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES
SEARCH REDIFF

Gold in any form is acceptable for deposit scheme, clarifies RBI

The Reserve Bank of India today informed the general public that it is untrue that the Gold Deposit Scheme is restricted only to gold in scrap form.

In a statement, the RBI said that the gold in any form such as ornaments, jewellery, coins and bars may be tendered by the depositor to the bank authorised to accept such a deposit.

The banks will then make a preliminary assay without breaking or changing the form of the tendered items, to ascertain the actual gold content therein. At this stage, if the depositor does not agree with the assay results or for any other reason wants to withdraw the tender, he/she may withdraw the tender.

In case the tenderer agrees to go ahead with the process and makes the deposit, there will be a second assay, which will mostly be a fire assay, a process which reduces gold into scrap form.

Certificate or bonds will be issued to the depositors on the basis of the results of the second assay. The detailed procedures and charges, if any, will be decided by each bank, the release said.

UNI

ALSO SEE

Information You Can Use

Business