RBI amends Gold Monetisation Scheme to make it more attractive The Reserve Bank of India (RBI) has made changes in the Gold Monetisation Scheme (GMS) to make it more attractive. The revamping of the scheme is aimed at enabling people to open a hassle-free gold deposit account. The short-term deposits should be treated as bank's on-balance sheet liability, the RBI said in a notification. "These deposits will be made with the designated banks for a short period of 1-3 years (with a facility of roll over). Deposits can also be allowed for broken periods (e.g. 1 year 3 months; 2 years 4 months 5 days; etc.)," it said. The interest rate payable in the case of deposits for maturities with broken periods should be calculated as the sum of interest for the completed year plus interest for the number of remaining days, it added. In 2015, the government launched the GMS with the objective of mobilising the gold held by households and institutions in the country. &qu