Page 47 - BANKING FINANCE APRIL 2017

RBI CIRCULAR

RBI CIRCULAR

Gold Monetisation Scheme Inclusion of "The Royal Bank of Scotland

RBI/2016-17/243 plc" in the Second Schedule to the Reserve
DGBA.GAD.No.2294/15.04.001/2016-17 Bank of India Act, 1934
RBI/2016-17/244
Please refer to RBI Master Direction No.DBR.IBD.No.45/
DBR.No.Ret.BC.54/12.07.150/2016-17
23.67.003/ 2015-16 dated October 22, 2015 (updated up
to January 21, 2016) on the above subject. In order to We advise that the "The Royal Bank of Scotland plc" has
operationalise the scheme, we advise the following:
been included in the Second Schedule to the Reserve Bank
of India Act, 1934 vide Notification DBR.IBD.No.3878/
In order to have uniformity in reporting, reconciliation and 23.13.020/2016-17 dated September 29, 2016, and
accounting, agency banks may report the Gold Monetisation
published in the Gazette of India (Part III - Section 4) dated
Scheme transactions i.e., receipt, payment, penalty,
January 21- January 27, 2017
interest, commission for mobilisation, handing charges, etc.,
directly through the government account maintained for Yours faithfully
the purpose at Central Accounts Section, Reserve Bank of (M.G.Suprabhat)
India, Nagpur, on a daily basis as in the case of the Deputy General Manager
transactions of Public Provident Fund (PPF) Scheme, 1968.
Disbursal of loan amount in cash
You may, therefore, approach our Central Accounts Section,
Reserve Bank of India, Nagpur for necessary arrangements RBI/2016-17/245
to report Gold Monetisation Scheme transactions with DNBR (PD) CC.No.086/03.10.001/2016-17
immediate effect.
1. Reference is invited to instructions contained in para
Branches authorised to operate the scheme may be advised 37(iii)(b) of Non-Banking Financial Company - Non-
to bring the details of the scheme to the notice of their Systemically Important Non-Deposit taking
customers appropriately. Company (Reserve Bank) Directions, 2016 and Non
Banking Financial Company - Systemically Important
Yours faithfully Non-Deposit taking Company and Deposit taking
(Partha Choudhuri) Company (Reserve Bank) Directions, 2016 which states
General Manager that high value loans against gold of Rs 1 lakh and
above must only be disbursed by cheque.

BANKING FINANCE | APRIL | 2017 | 47

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