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Immediately pay interest on gold under GMS: RBI to banks

Immediately pay interest on gold under GMS: RBI to banks

Tuesday, October 17, 2017, 6:48 PM

The Reserve Bank today asked banks to "immediately" pay interest due on the gold deposited by individuals and institution under the Gold Monetisation Scheme (GMS) launched in 2015. The government had launched the scheme to curb imports of gold, which has a bearing on current account deficit.
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