........ the tenure of gold deposit would be three years. The interest will be calculated based on the prevailing rates. Upon maturity, the investor’s account will be credited with more gold equivalent to the amount of interest earned during the tenure. The banks can either deposit the collected gold with the Reserve Bank of India (RBI) or lend it to jewellers. The scheme has already been formally approved by the RBI, subject to implementation of fool-proof mechanisms to determine the purity of deposited gold. According to MMTC-PAMP India, advanced software to ensure purity checks through more than 250 hallmarking centres in the country is in its final stages of development. The banks are now being asked to forward their suggestions ..........
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