Which of the following statement is incorrect regarding Gold Monetization Scheme ........

Economic Affairs Financial Markets

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Which of the following statement is incorrect regarding 'Gold Monetization Scheme'?

Under this, the minimum period for gold savings account is one year.

It aims to reduce reliance on import of gold to meet domestic demand.

Ministry of Finance is the nodal agency for its implementation.

None of the above

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Explanation:

All the statements are correct.
Gold monetization scheme is a scheme that facilitates the depositors of gold to earn interest on their metal accounts.
Both principal and interest to be paid to the depositors of gold, will be ‘valued’ in gold.
The tenure of gold deposits is likely to be for a minimum of one year. The minimum quantity of deposits is pegged at 30 gram to encourage even small deposits. The gold can be in any form, bullion or jewellery.