The Gold Monetisation Scheme (GMS) allows individuals, trusts, and institutions to deposit idle gold with banks and earn interest, with both interest and capital gains fully tax-exempt. The gems and jewellery bodies plan to make representations to Prime Minister Narendra Modi seeking implementation of the Gold Monetisation Scheme after his Sunday appeal to people not to buy gold for a year, in a bid to strengthen the Indian economy. The Gold Monetisation Scheme (GMS) allows individuals, trusts, and institutions to deposit idle gold with banks and earn interest, with both interest and capital gains fully tax-exempt. President of Indian Bullion and Jewellers Association, Gujarat, Nainesh Pachhigar said the GMS can be implemented with the cooperation of jewellery manufacturers and showroom owners. “We will make suggestions to the PMO in coming days and appeal to PM Narendra Modi on the issue.…