**Summary:**
This Reserve Bank of India (RBI) communication, reference number DGBA.GAD.No.2294/15.04.001/2016-17, dated March 6, 2017, addresses all agency banks regarding the Gold Monetisation Scheme (GMS). The communication aims to operationalize the scheme by standardizing reporting, reconciliation, and accounting procedures. Agency banks are instructed to report all GMS transactions, including receipts, payments, penalties, interest, commission for mobilization, and handling charges, directly through the government account maintained at the Central Accounts Section (CAS), Reserve Bank of India, Nagpur. This daily reporting mirrors the process used for the Public Provident Fund (PPF) Scheme, 1968. Agency banks are advised to contact CAS, RBI, Nagpur, to establish the necessary reporting arrangements with immediate effect. Furthermore, authorized branches are directed to appropriately inform their customers about the details of the GMS.
For further information, contact Partha Choudhuri, General Manager, Department of Government Bank Accounts, Central Office, 4th Floor, Byculla, Mumbai 400 008. Contact details include telephone: 022-2308 4121, Fax No. 022-2300 0370 / 2301 6072 / 2301 0095, and email: pcgmdgba[at]rbi.org.in. This communication references RBI Master Direction No.DBR.IBD.No.4523/67.003/2015-16 dated October 22, 2015, updated up to January 21, 2016, on the GMS.
Key Entities Referenced
Reserve Bank of India: The central bank of India, the primary issuer of the notification.
Gold Monetisation Scheme: A government scheme focused on mobilizing gold held by households and institutions in India.
Agency Banks: Banks authorized to act as agents for the Reserve Bank of India and the government for specific financial transactions related to the Gold Monetisation Scheme.
RBI Master Direction No.DBR.IBD.No.4523.67.003201516: A directive issued by the Reserve Bank of India providing detailed instructions and guidelines on a specific subject (likely related to banking operations).
Central Accounts Section, Reserve Bank of India, Nagpur, Maharashtra: A department within the Reserve Bank of India located in Nagpur responsible for managing government accounts and related transactions.
Public Provident Fund PPF Scheme, 1968: A government-backed savings scheme in India that offers a long-term investment option with tax benefits.
Partha Choudhuri: General Manager at the Department of Government Bank Accounts, Reserve Bank of India.
Mumbai, Maharashtra: City in India where the Central Office of the Department of Government Bank Accounts is located.
भारतीय ररज़र् व बकैं
___________________RESERVE BANK OF INDIA ___________________
www.rbi.org.in
RBI/2016-17/243
DGBA.GAD.No.2294/15.04.001/2016-17 March 6, 2017
All Agency Banks
Dear Sir/Madam
Gold Monetisation Scheme
Please refer to RBI Master Direction No.DBR.IBD.No.45/23.67.003/2015-16 dated October
22, 2015 (updated up to January 21, 2016) on the above subject. In order to operationalise
the scheme, we advise the following:
2. In order to have uniformity in reporting, reconciliation and accounting, agency banks
may report the Gold Monetisation Scheme transactions i.e., receipt, payment, penalty,
interest, commission for mobilisation, handing charges, etc., directly through the government
account maintained for the purpose at Central Accounts Section, Reserve Bank of India,
Nagpur, on a daily basis as in the case of the transactions of Public Provident Fund (PPF)
Scheme, 1968. You may, therefore, approach our Central Accounts Section, Reserve Bank
of India, Nagpur for necessary arrangements to report Gold Monetisation Scheme
transactions with immediate effect.
3. Branches authorised to operate the scheme may be advised to bring the details of the
scheme to the notice of their customers appropriately.
Yours faithfully
(Partha Choudhuri)
General Manager
सरकारी एर्ं बैंक लेखा वर्भाग, केन्द्रीय कायावलय, म ंबई सेंट्रल रेल्र्े स्टेशन के सामने, भायखला, म ंबई 400 008
Department of Government & Bank Accounts, Central Office, Opp. Mumbai Central Railway Station, 4th Floor, Byculla, Mumbai 400 008
Telephone: (022) 2308 4121, Fax No. (022) 2300 0370/2301 6072/2301 0095, e-mail: pcgmdgbaco@rbi.org.in
हिन्दी आसान िै, इसका प्रयोग बढाइए ।