Medium Term and Long Term Government Deposit (MLTGD) components of Gold Monetisation Scheme (GMS) will be discontinued from today. The Ministry of Finance, in a statement, said that the discontinuation has been made after the examination of the performance of the Gold Monetisation Scheme and evolving market conditions.

The Ministry added that any gold deposits tendered at the designated Collection and Purity Testing Centres, GMS Mobilisation, Collection and Testing Agent or the designated bank branches under the components of GMS will not be accepted from today. However, the existing deposits under MLTGD shall continue till redemption as per extant guidelines of GMS.

The Ministry also said that Short-Term Bank Deposits offered by the banks under GMS shall continue at the discretion of the individual banks based on the commercial viability as assessed by them.