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In case of MLTGD, the redemption of
principal at maturity, shall be either in the rupee equivalent of the
value of deposited gold at the time of redemption, or in gold. The option will
be with the depositor.
Where the
redemption is in gold, an administrative charge @ 0.2% of the notional
redemption amount shall be charged. However, the interest accrued shall be
calculated with reference to the value of gold at the time of deposit and will
be paid only in cash.
Based on RBI
Circular dt 31/03/16. Please visit www.rbi.org.in for any further clarification
if required….. Poppy
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