New Delhi, Sept 9 (KNN) Finance Minister Arun Jaitley, while addressing a press conference after the Cabinet meet today, said the government has given nod for the Sovereign Gold Bonds Scheme and the Gold Monetization Scheme.
 
The Sovereign Gold Bonds Scheme, a move that aims at trimming demand for the metal in the country, will enable depositors to earn interest on their gold accounts.
 
The other major proposal is introduction of gold monetisation plan to mobilise tonnes of the metal stored in households and temples.

Under the Gold Monetization Scheme, a person or entity would be allowed to deposit a minimum quantity of 30 grams of gold in any form, bullion or jewellery, for one year in a gold saving account. The banks will decide the interest rate. 

The Gold Monetisation Scheme will replace both the present Gold Deposit and Gold metal Loan Schemes. 
 
The gold schemes, which were announced in the Budget for 2015-16, will be implemented soon after Reserve Bank of India finalises the guidelines.
 
Jaitley said the gold bonds will carry a fixed rate of interest and redeemable in cash in terms of the face value of the gold at the time of redemption. (KNN Bureau)