Draft RBI Gold Metal Loans Directions: These directions aim to consolidate, harmonize, and update the regulatory framework for the Gold Metal Loan (GML) scheme, initially launched in 1998 for the jewellery industry. It organize GML into two categories: Import-linked GML (repayable only in cash, sourced from imported gold) and GMS-linked GML (repayable in gold or cash, utilizing gold sourced from the Gold Monetization Scheme). The RBI grants banks operational freedom to establish their own GML lending and risk management policies, including setting quantity limits. All GML exposures must be valued daily using LBMA gold prices and INR-USD reference rates for prudential purposes. The rules prohibit the borrower from selling or exporting the gold in raw form and require banks to monitor the end-use. The feedback/comments from stakeholders are invited.