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“The redemption of principal at maturity shall, on the choice of the depositor, be both in Indian Rupee equal of the worth of deposited gold on the time of redemption, or in gold,” stated an RBI round modifying the scheme.
Nevertheless, any untimely redemption of Medium and Lengthy Time period Authorities Deposit (MLTGD) can be solely in Indian rupee, it added.
As per the scheme, the Medium Time period Authorities Deposit (MTGD) may be made for 5-7 years and Lengthy Time period Authorities Deposit (LTGD) for 12-15 years or for such a interval as could also be determined by the Centre infrequently.
The round additional stated banks ought to search the choice of accumulating maturing proceeds in gold or in Indian Rupee equal from the depositor on the time of preliminary deposit.
The GMS is carried out by way of banks.
