Gold Metal Loans-Banks to provide option to borrower to repay part of GML in physical gold in lots of one kg or more
AS per RBI directions nominated banks are authorized to import gold and designated banks participating in Gold Monetization Scheme, 2015 (GMS) can extend Gold (Metal) Loans (GML) to jewellery exporters or domestic manufacturers of gold jewellery.
These loans are repaid in INR, equivalent to the value of gold borrowed, on the relevant date/s.
In modification of the existing conditions, it has been provided that Banks shall provide an option to the borrower to repay a part of the GML in physical gold in lots of one kg or more subject to:
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