Draft Sovereign Gold Bond Scheme

Draft Sovereign Gold Bond Scheme
Last Date Jul 02,2015 17:00 PM IST (GMT +5.30 Hrs)
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The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement: ...

The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement:

“India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of gold each year. Though stocks of gold in India are estimated to be over 20,000 tonnes, most of this gold is neither traded, nor monetized. I propose to… develop an alternate financial asset, a Sovereign Gold Bond, as an alternative to purchasing metal gold. The Bonds will carry a fixed rate of interest, and also be redeemable in cash in terms of the face value of the gold, at the time of redemption by the holder of the Bond.

Accordingly, a draft outline of the Scheme has been prepared. Comments and views are invited on the draft scheme by 2nd July, 2015.

(The outline of the Sovereign Gold Bond Scheme is only at the draft stage and is being placed here to obtain public opinion. The scheme as it stands at this stage, does not imply any commitment from the government)

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3320
Sahil Shukla 4 years 3 months ago

it should be done, i would like to buy individually for myself(resident of India)(you could put percentage for people to buy bonds, or a gift for birthday for 13 year, could get cash when the kid got 18 year)

1640
ARTHI J 4 years 5 months ago

DEMAT itself is very unstable. Indians buy gold as a Security reason more than to gold crave. Bcos they believe gold price will never decrease to very much.
My suggestions:
1.Instead of DEMAT, Fixed Deposit schemes can be introduced for Gold.
2.Minimum return should be fixed in such a way that atleast their principal is not lost.
3.At the end of tenure, there should be an option to get it as CASH or GOLD at the preference of investor.
4.When RETURNS are not sure, GOLD SCHEME CAN'T SUCCEED.

3980
vipul pathak 4 years 5 months ago

1. Rate of interest should be given according to the market.
2.there should not be any time bound for redemption period.
3.there should be equal interest for everybody.
4.it should be mandatory to spend a part of interest on the girl education.

16580
Prasadanand Ukidwe 4 years 5 months ago

1. These should be considered as collateral 2. It should be allowed to be redeemed before maturity. 3. Capital protection should be provided funds invested in it. 4. Resources raised using this should be used in social sectors affecting entire population of the country. 5. Only domestic residence should be allowed to invest in such bonds. 6. NRI allowed to invest with compulsory usage of matured funds within the country only. 7.

16580
Prasadanand Ukidwe 4 years 5 months ago

1. Subscription above certain limit requires PAN otherwise no PAN required. 2. Gold bonds certificates & Ware house receipts should have some relationship. One can replace others & liquidity should be available in both pl. 3. Excise / Sales tax should be made in line with international standardes & effectively be made simplified for retail customers.

16580
Prasadanand Ukidwe 4 years 5 months ago

1. End investor / consumer should not get affected on rate of return.. 2. Gold monetisation scheme & this scheme should be linked to each other. 3. Return should be paid in terms of gold grams rather than cash. 4. Bonds should be tradable instrument in the market along the lines of ETF funds. 5. Holding in Bonds, ETF by individual should be allowed to be pledged for short term cash management. Limit should be given on the lines of loan against securities offered by banks to customers.

500
Vinayak Meharwade 4 years 5 months ago

Bullion Bulletin conducted a nationwide survey on the draft outline of the Sovereign Gold Bond Scheme (for discussion purpose) released by the Government of India. Total 53 industry leaders participated in the survey. The respondents comprised from across the values chain that includes jewelers, nominated agency, dealers, refiner, assayer and hallmarking agency, global gold research and consultancy houses, commodity exchange. Read attached document for detailed survey results.