The Finance Ministry has announced that, effective March 26, 2025, the Gold Monetisation Scheme (GMS) for medium-term and long-term deposits will be discontinued.

• The decision is based on evolving market conditions and the performance of the scheme, the ministry stated in an official release.
• The Gold Monetisation Scheme (GMS) was relaunched in November 2015, around the same time as Sovereign Gold Bonds (SGB), to financialise gold as an asset class.
• While SGBs allowed investors to buy "paper gold", GMS was a gold deposit scheme, enabling individuals to store or sell their gold to banks.