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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)

Vinoth Kumar_6 10 years 10 months ago

Yeah great idea!! Instead of buying the gold will lead to the foreign exchange and we are losing our precious money to other countries. I think this way the people will use efficiently and the can use it whenever they need it.

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Vaishak P R 10 years 10 months ago

This is perhaps one of the most brainwave ideas mooted by the Govt. Due to cultural and social reasons Indian families stash large volumes of Gold as unproductive assets under the pillow. SGBS is a welcoming step. Along with this Govt must push an aggressive Gold Deposit Scheme where people can deposit their gold at a Bank to earn a fixed interest in tune with SB account interest for a fixed deposit period that they can flexibly choose and withdrawal option before maturity getting half interest.

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Jas Haria 10 years 10 months ago

NCDEX has a very clean name and I believe it has a very scientific way to derive gold price though one of the internationally reputed polling agent. Hence, it is the benchmark and not MCX.

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JAGDISH PATHAK 10 years 10 months ago

The gold bond scheme is very good to utilised the money in investment in gold for getting benifit of rate fluctuation. If it will more success if the Income tax department should ask the sources of investment upto certain limit of investment e.i. 250 grammes or 500 grammes gold amount investment can be exempt from income tax inquiry. It should be purely in liquid form,so that such bond can be sold in MCX/ or in open market.Taxation factor on sale should be specified to the assessee.

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Laxmareddy Yeleti 10 years 10 months ago

Hai good evening good news

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Chandrasekaran_8 10 years 10 months ago

This is a very good idea. But the interest rate is very low. Will it attract more common people? So increasing the rate of interest will attract more people and it will have some huge benefit to the government. Also need some strict rules and regulations for buying and selling it, as there is more probability of cheating... Good initiative by the government of India. All the best to modi ji and jaitley ji..

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Puneet Gulati 10 years 10 months ago

Since target set by govenment for first year is 50 tonnes, which is 50,000 Kg only for a population of 1.2 billion, their should be limit of gold one can deposit, and the maximum gold one can put in this offer per year should be brought down to 50-100 gram in order to make atleast 20-30 lakh people who can benefit from the offer. Plus ensure they provide PAN cards

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Chander Duggal 10 years 10 months ago

Policy is useful & with the aim to reduce the export but the rate of interest is very low. To attract the depositor there is a need to explore the facilities which can attract to common human being for immediate deposit of gold. To attract the common customer following points needs consideration: Sufficient no. of collective centres. Linked to incentive schemes. Easy paper work. Valuation rate as per international market. Nomination facility. Special incentive for first year.

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devang_5 10 years 10 months ago

This policy looks to be really useful against the import of Gold, but it would be equally interesting how many common people are going to have faith in govt and would come forward and deposit their gold. As Indian has one of the biggest commodity electronic exchange which is also listed wherein the prices could be derived from them. So things are more transparent.

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PIYUSH UPADHYAY 10 years 10 months ago

MCX has been witnessing huge volumes and deliveries from more than 10 years so kindly consider the price of mcx gold contract instead of ncdex gold.

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