Gold Deposit Scheme 1999

 
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GSR634(E), DATED 14-9-1999

The Central Government, with a view to bringing privately held stock of gold in circulation, reduce the country's reliance on import of gold and providingits owners with some income apart from freeing them from the problems of storage, movement and security of goldin their possession, hereby notifies the Gold Deposit Scheme as announced in the Budget, 1999-2000.

Short title and commencement.

1. (i) This Scheme shall be called the Gold Deposit Scheme, 1999.

(ii) It shall come into force immediately.

Definition.

2. In this Scheme unless the context otherwise requires,--

(i) "designated bank" means a bank authorised by the Reserve Bank to

operate the Scheme;

(ii) "gold certificate" means the final receipt issued to a subscriber of the

Scheme after the gold tendered by him has been assayed and accepted

as deposit by a designated bank;

(iii) "statement of accounts' means a statement reflecting the credit of gold

tendered by the depositor and its debit, where such account is being

maintained in a dematerialised form;

(iv) "subscriber" means a person resident in India, being--

(a) an individual in his capacity as such individual oracling as guardian on behalf of a minor child,

(b) more than one individual jointly,

(c) a Hindu undivided family,

(d) a trust,

(e) a company,

(v) who tendered gold to a designated bank under this scheme; (v) pass book means a book issued by a bank reflecting the deposit of gold tendered under the Scheme and its withdrawal; (vi) all other words and expressions used in this Scheme and not defined shall have the meaning assigned to it under the General Clauses Act,

1897.

Who can operate the Scheme.

3. All designated banks may operate the Scheme after getting the operational details approved by the Reserve Bank.

Form of subscription.

4. The gold shall be tendered by a subscriber in the form of bars, coins and gold jewellery

Procedure for making application for subscription of gold.

5. (i) Every subscriber desirous of making subscription of gold under the Scheme shall apply to a designated bank in such form as may beprescribed by the said bank.

(ii) After the gold has been assayed, the designated bank shall accept the gold and at the option of the...

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