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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)
Abhirup Bhadra
Abhirup Bhadra 10 years 6 months ago
#GoldBondScheme...The Gold bond scheme first should secure common people's interest.Taxation should be made so prominent that it can help to stop making the rich to super rich. It should also keep in mind that for betterment of Indian Economy you can not lure Indian s to buy Gold ornaments, but also you can not keep them away from it. You have play as the smart fish in clear water..
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sudip m
sudip m 10 years 6 months ago
This is a very good scheme which will reduce import of physical gold and save a lot on forex reserves and help improve deficit. On price benchmark MCX gold prices should be included as MCX market share in Gold is much higher than any other commodity exchange in India and reflects correct spot and future prices in India.
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Swapnil Karkare
Swapnil Karkare 10 years 6 months ago
(pg7) 12.On creative lines,the instrument shall be denominated with the quantity term than Rupees. e.g. "Some Gold Certificate" instead of "Gold Bond" - of 10 gms..5gms..etc.. and these certificates shall be marketable freely at market prices..So instead of complexity involved in "Face value" term and fear of loss of money by common man,this will help.It would work lyk some warrant giving details of just the quantity and the value will be market driven. (All the best.. Waiting for reforms)
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Swapnil Karkare
Swapnil Karkare 10 years 6 months ago
(pg6) 11.If the bonds are issued,then demat as well as physical bonds both shall be available.it shud not mk any difference(a person going out for shopping wud b able to buy bond without hvng demat account at prevailing mkt rates). This is essential to attract masses. Also,the bonds shall b available in stock exchanges as well as easy procedure to buy them in bank/insurance/FIs/post offices.(There can be marketing strategy too,lyk combo offer etc by banks and insurance cos. wid a bond)
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Swapnil Karkare
Swapnil Karkare 10 years 6 months ago
(pg5) 8.With the MODI factor there are chances that ppl will get influenced as we saw in Jandhan n Pension/Insurance services.Bt this will require smart efforts to capture that nerve of ppl to mk thm away from physical gold. 9. Extreme condition-if every1 started purchasing bonds,will there b effect on mkt price of gold,as it's demand will go down..n if demand decreases,wl there b decrease in price? 10.Gold monetizing is better than bonds!
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