Business

Government Ends Gold Monetisation Scheme; Short-Term Deposits Remain Active

Published

1 year ago

March 27, 2025

On Tuesday, the government announced the discontinuation of the Medium Term and Long Term Government Deposit (MLTGD) components of the Gold Monetisation Scheme (GMS), effective March 26, 2025. The Ministry of Finance stated that banks can still offer short-term gold deposit schemes (1-3 years).

As of November 2024, approximately 31,164 kilograms of gold have been mobilised under the GMS.

“Following an assessment of the Gold Monetisation Scheme’s (GMS) performance and changing market conditions, it has been decided to end the Medium-Term and Long-Term Government Deposit (MLTGD) components of the GMS effective March 26, 2025,” the ministry announced.

Consequently, any gold deposits submitted at the designated Collection and Purity Testing Centre (CPTC), GMS Mobilisation, Collection and Testing Agent (GMCTA), or specific bank branches under these components will no longer be accepted after this date. “However, existing MLTGD deposits will remain in effect until they are redeemed according to the current GMS guidelines,” it added.

The Gold Monetisation Scheme was introduced on September 15, 2015, aimed at decreasing the country’s dependence on gold imports over time and mobilising gold held by households and institutions for productive use.

Furthermore, Short-Term Bank Deposits (STBD) offered by banks under the GMS will continue at their discretion based on commercial viability. “Detailed guidelines from the Reserve Bank regarding this will be released later,” the government stated.

The GMS consists of three components: Short-Term Bank Deposit (1-3 years), Medium-Term Government Deposit (5-7 years), and Long-Term Government Deposit (12-15 years). Gold is often viewed as a safe-haven asset, becoming increasingly attractive during periods of geopolitical and economic uncertainty. In 2025 alone, gold has reached 16 record highs, exceeding the $3,000 per ounce mark on four occasions.

Business

Opendoor Shuts Down India Operations, 250 Employees Affected

Published

1 week ago

June 11, 2026

Namma Kudla

Business: US-based real estate technology company Opendoor has decided to close its operations in India. The move will impact nearly 250 employees.

CEO Kaz Nejatian said the company is bringing operational roles closer to its customers in the United States. He explained that most of Opendoor’s customers are based in America.

The company said the decision is not related to the performance of its India team. Nejatian praised the employees for their hard work and contributions.

Affected workers will receive severance pay, job placement support, and other assistance. A small number of employees will stay temporarily to help with the transition.

Opendoor said it will continue focusing on simplifying operations and improving efficiency with new technology and AI.

Business

Domestic LPG Cylinder Price Increased by Rs 29

Published

2 weeks ago

June 7, 2026

Namma Kudla

New Delhi: The price of domestic LPG cooking gas cylinders has been increased by Rs 29 across India. This is the second price hike in the last three months.

The increase comes as global energy prices continue to rise due to the ongoing conflict in the Middle East.

After the revision, a domestic LPG cylinder now costs Rs 942 in Delhi, Rs 941.40 in Mumbai, Rs 968 in Kolkata, and Rs 957.50 in Chennai. In Bengaluru, the new price is Rs 944.50 per cylinder.

The government said the cost of supplying LPG has increased significantly. However, subsidies under the Pradhan Mantri Ujjwala Yojana continue to help over 10 crore beneficiaries.

Petrol, diesel, and CNG prices have also increased in recent weeks as global fuel markets remain volatile.

Business

Honda Begins Delivery of 2026 City Hybrid

Published

2 weeks ago

June 3, 2026

Namma Kudla

Business: Honda Cars India has started delivering the new 2026 Honda City Hybrid to customers. The first car was handed over at a dealership in Bengaluru.

Honda President and CEO Takashi Nakajima attended the special delivery event. Other senior company officials were also present.

The first customer received a Crystal Black Pearl Honda City Hybrid. The car was delivered with a symbolic key and a gift hamper.

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The updated City comes with new features such as ventilated front seats and a 360-degree camera. It also offers wireless Apple CarPlay, Android Auto, and a sunroof.

The sedan is available with petrol and strong-hybrid powertrain options. Honda claims the hybrid version delivers a mileage of 27.26 kmpl.

The Honda City competes with the Volkswagen Virtus, Skoda Slavia, and Hyundai Verna in India.