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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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pradeep Shah 11 years 5 days ago

The best way of Promotion of Information and Communication Technology systems in school and adult education is to allot all the possible allocable opportunities of learning and promoting to the privileged reservation categories and corrupt, selfish persons, like chaiwalas who fulfill their dreams "around the world" at the cost of nation's money, shot slogans of good doing to the poor.

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pradeep Shah 11 years 5 days ago

On 31-5-15 his speech Maan Ki baat Resp. PM Mr Narendra Modi has CONGRATULATED the successful students on BOARD EXAMINATION RESULTS, and CONSOLED the others stating TAKE FAILURE AS AN OPPORTUNITY, LAYS FOUNDATION FOR SUCCESS. But what about those DESERVING STUDENTS, WHO WERE LEFT BEHIND JUST FOR SAKE OF GREAT PRIVILEGED RESERVATION CATEGORIES, Resp. PM Mr NARENDRA MODI SIR what FOUNDATION should they consider. Resp. PM Mr NARENDRA MODI SIR, do you have explanation or just MAKE IN INDIA speech

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Sajjan kumar bhardwaj 11 years 5 days ago

Nice idea.I have few suggestions 1.It should be exempted from capital gain tax , income tax and any other form of tax. 2.it showld be easily transferrable(not freely ) , as in the case of physical gold. 3.jewellers and gold dealers should be involved in the transactions as they are directly in touch with gold consumers as well as government authorities and consumers have full faith in them wishing all the very best for the success of the scheme.

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Rajendran_9 11 years 5 days ago

Definitely some immunity or guarantee is needed that the source of gold will not be inquired into whatever the case may be and lot of publicity should be given to this point because frankly the government has to prioritize that it wants to bring out the stacked gold for investment, if it wants to. No half measures will work out. But this will not make black money in cash into buying gold, because government could question in that case! After a point, government can stop it, if goals are reached.

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Rajendran_9 11 years 5 days ago

Gold coins and bars shall also be allowed since many middle class people have invested in this type of gold also and more importantly no one would mind if coins & bars are melted unlike jewels, which have sentimental value.

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Kaushal Desai 11 years 5 days ago

Congrats for this idea n also in advnc for Yoga day. My suggestions : 1. We have two catgries of people . Ctgry 1:Gold(ornments) wearing Indians/NRIs where affinity becomes biggest barrier n Ctgry 2 :Gold investing . To tap invstmnts frm both crowds , we can launch gold bonds (with look n feel of gold i.e. for eg. Gold bond symbolic coins in fractions of 1-2-3....10gm) which reprsnts gold mrkt value n can be redeemed in case of needs. This can addrss intrsts of all stakeholders. ..

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Rameshsoni 11 years 5 days ago

With these terms the bond will not be successfull as assumed. If interest , purchase and sell limit increases and risk lowers then investors will take interest on it. and last ......if indian gold goes out there is no indian invester who invest in that type of scheme.

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chander shekhar gulati 11 years 5 days ago

There should be some tax incentives also as tax exemption for interest. Further, there should not any limit for investment. It may bring lot of money in the market.

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