NEW DELHI, SEPT 15: Government today operationalised the gold deposit scheme announced in the budget to check run-away imports by mobilising the privately-held domestic stock of the yellow metal.The gold scheme, 1999, notified today is also aimed at providing the subscribers with some income, apart from freeing them from the problems of storage, movement and security of gold in their possession.The notification said the scheme will be operated by designated banks which will pay interests as per the rates directed by the Reserve Bank. Any company, trust, individual, undivided family or Resident in India could subscribe to the scheme, that comes into effect immediately.Gold shall be tendered by subscriber in the form of bars, coins and jewellery, the notification said, adding after the yellow metal has been verified the designated bank shall issue a gold certificate, statement of account or a passbook to the subscriber on acceptance.Premature payment either in the form of gold or in cash equivalenton the date of encashment shall be allowed after the initial lock-in period, says the notification.The gold certificate which shall be transferable by endorsement and by delivery shall be repaid in gold, the notification said.
