“If this extension is not permitted, all GML contracts would be crystalized and, thus, converted to the higher interest bearing Working Capital Limits, which attract an interest rate of 12-14% per annum (Interest on GML is 3-4%),” said Surendra Mehta, national secretary of IBJA.source https://economictimes.indiatimes.com/industry/banking/finance/banking/trade-body-prays-for-extension-of-gold-metal-loan-tenure-by-90-days-post-august-31/articleshow/77758769.cms
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