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Draft Sovereign Gold Bond Scheme

Draft Sovereign Gold Bond Scheme
Start Date :
Jun 17, 2015
Last Date :
Jul 02, 2015
17:00 PM IST (GMT +5.30 Hrs)
Submission Closed

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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Showing 202 Submission(s)
narendra kumar srivastava
narendra kumar srivastava 10 years 6 months ago
GOLD BOND SCHEME 1993, Issued by RBI may be reconsidered & relaunched as such with slight changes here & there so that public may participate fearlessly in this scheme & thus,can give full support in the development of the nation.
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SHYAM NARAYAN_3
SHYAM NARAYAN_3 10 years 6 months ago
I don't know really the matter of sovereign gold to utilise for general public but the people cannot accept the melting of their gold deposits the government can utilise the god of raw form of gold biscuits in any field like trading,issuing bonds or currency first of all we have to study that why are currency is degrading comparative I us dollar at the time of our freedom on 15th august 1947 who knows that our rupee and the us dollar almost same we are not losting the value of rupee but also ...
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Lakshmi Narayana Rao Ramachandruni
Lakshmi Narayana Rao Ramachandruni 10 years 6 months ago
Gold is historically a currency. The same can be made as one. Make 1000 units for each gold gram and make it only a digital currency which gets its value on rupee on daily basis. A debit card with gold account can be issued which can be used to purchase and sell goods and services. In short a 100% gold backed currency in addition to rupee. It will help to bring in lot of gold hidden into open.
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P K Majumdar
P K Majumdar 10 years 6 months ago
Government should see if the bonds can be converted into dematted form and make them deliverable against futures trade as acceptable deliveries in commodity exchanges . As per FMC (ministry of finance)data MCX share in gold trading is more than 98%. If trading is happening for last 11/12 years MCX trade has faith in the prices vis a vis other exchanges. If government is coming with such a wonderful scheme they should use the benchmark rate of the MCX which has highest volume and most followed.
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narendra kumar srivastava
narendra kumar srivastava 10 years 6 months ago
This is a wonderful scheme, no doubt about it.But few things are required to include in the draft to make this scheme successful. (a) No subscriber shall be required to disclose,for any purpose whatsoever, the nature and source of acquisition of gold subscribed for the gold bonds, including source of money with which the gold was acquired. (b)No inquiry or investigation shall be commenced against any subscriber under any act on the ground that such subscriber owns the gold bond.
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devleena B
devleena B 10 years 6 months ago
It is a very good scheme for India. India has a great history of commodity business over last 10 years and to be a global benchmark on price we should either use the most liquid futures and spot or a global neutral price. NCDEX bullion futures volumes and visibility is less than 1% of Indian commodity exchanges for gold . surprising to see NCDEX gold futures prices being added as a benchmark when MCX has 99 market share. Should be a neutral body.
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