The government has decided to close the Gold Monetization Scheme (GMS) from March 26, considering the improving market conditions. The Gold Monetization Scheme (GMS) provided individuals or institutions with an opportunity to earn money from the gold lying idle at their homes. This scheme offered both principal and interest on the deposited gold and benefited depositors from the rise in gold prices. The Finance Ministry announced this decision on Tuesday.

However, the Ministry clarified that banks may continue to offer short-term gold deposit schemes with durations ranging from one to three years. As of November 2024, the government had collected approximately 31,164 kilograms of gold under the Gold Monetization Scheme.