The Centre has came out with details of the twin gold schemes aimed at reducing the demand for physical gold and said that interest rate on the schemes would be decided in consultation with the RBI. The twin schemes Gold Monetisation Scheme (GMS) and Gold Bond Scheme was approved by the Cabinet last week. The schemes will come into effect after notification by the Finance Ministry.The GMS provides an option to people to monetise physical gold by depositing them with authorised banks and earning interests from such deposits. In an office memorandum, the Finance Ministry said there are a total 331 recognised Assaying and Hallmarking Centres wherein the purity of physical gold will be verified. The interest rate on these two schemes will be decided by the Government upon consultation with the RBI. Through the GMS, gold in any form can be deposited with banks for a period of one to 15 years. Banks will be allowed to sell the gold, deposited with them, to jewellers to boost domestic supply and cut reliance on imports under the GMS.