GJC Advocates for Overhaul of India's Gold Monetisation Scheme
GJC pushes RBI for revamped Gold Monetisation Scheme
The Economic TimesImage: The Economic Times
The All India Gem and Jewellery Domestic Council (GJC) is pushing for a significant revamp of the Gold Monetisation Scheme (GMS) in India. The proposed changes aim to enhance the scheme's adoption by integrating jewellers into a digital ecosystem, enabling investors to earn returns on idle gold assets while supporting domestic supply and reducing reliance on imports.
- 01GJC is in talks with the Reserve Bank of India and the Ministry of Finance for GMS revamp.
- 02The new framework aims to convert physical gold into dematerialised gold within the banking system.
- 03Investors can earn returns on idle gold assets, enhancing portfolio efficiency.
- 04The revamped scheme seeks to reduce dependence on gold imports and support domestic supply.
- 05The proposal emphasizes transparency and compliance within a regulated digital ecosystem.
Advertisement
In-Article Ad
The All India Gem and Jewellery Domestic Council (GJC) has initiated discussions with the Reserve Bank of India (RBI) and the Ministry of Finance (MoF) to revamp the Gold Monetisation Scheme (GMS). This proposal includes a jeweller-integrated framework developed through consultations across various sectors, aiming to address structural inefficiencies and enhance the scheme's effectiveness. A key feature of the proposed GMS is the transition to a digital gold ecosystem, allowing physical gold to be converted into dematerialised balances within banks. This approach seeks to leverage the growing investment demand for gold, enabling investors to earn returns on idle assets like bullion and jewellery without liquidating them. The revamped framework is expected to improve gold mobilisation, reduce reliance on imports, and contribute to better management of the Current Account Deficit (CAD). GJC Chairman Rajesh Rokde highlighted that the model enhances transparency and trust, while Vice Chairman Avinash Gupta emphasized its practicality and alignment with regulatory standards, ultimately aiming to formalise the gold sector and improve market efficiency.
Advertisement
In-Article Ad
The revamped GMS could allow investors to earn returns on previously idle gold, thereby improving their financial situation and contributing to the economy by reducing gold imports.
Advertisement
In-Article Ad
Reader Poll
Do you support the revamping of the Gold Monetisation Scheme?
Connecting to poll...
More about Reserve Bank of India
RBI Upholds Regulations on Non-Banking Finance Companies Amidst Industry Pleas
The Economic Times β’ Apr 29, 2026

Government of India Floating Rate Bond 2034 Interest Rate Set at 6.45%
Business Standard β’ Apr 29, 2026
Indian Rupee Hits Record Low Amid Rising Oil Prices and Foreign Selling
The Economic Times β’ Apr 29, 2026
Read the original article
Visit the source for the complete story.
