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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)
sunil kumar s_2
sunil kumar s_2 11 years 6 days ago
But hw many r buying it in trms of investment.. for marriage; for wearing new models.. ect will not come under this... ny way its a good moove fr investment thinkers...
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prathyusha_3
prathyusha_3 11 years 6 days ago
It is a welcome thing from the government.....buying bonds is good rather than physical gold keeping in banks....imports will decrease and foreign currency will be within the country...black money might reduce
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Chandan singh_19
Chandan singh_19 11 years 6 days ago
The proposed scheme is designed very efficiently by the government and have the potential to notch the attention of all the investor who prefer to buy physical gold which in result reduces the import by the government and CAD also .But one point that I think should be rectified by the govt is the benchmark price of MCX should be taken instead of NCDEX at the time of redemption. ChandanSingh Raiganj W.b
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rajkumar pandey
rajkumar pandey 11 years 6 days ago
In medieval times, muslim invaders used to rape women, loot gold and silver from homes/temples and run way. In modern times, the same thing was done by east india company and british raj. despite all this, still the attraction and accumulation of gold has not decreased in indian homes. this bond scheme is not addressing the basic 'sense of security which possession of gold gives'. unless it is made more attractive, it is very difficult to wean away masses from gold purchase.
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Arvind Kumar Kayan
Arvind Kumar Kayan 11 years 6 days ago
Gold bond could definitely reduce the import bill. However, in India, Gold is Gold and people prefer to keep it in physical form. Gold bond has a downside. 99% purchases and sales are made in cash. Hence, if the proposed bond is "Bearer" in nature, the off take will be higher. Redemption, can be later made in cheque. The "Bearer" nature will act as an incentive while the taxes will still be deducted.
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amarendra
amarendra 11 years 6 days ago
this initiative will held citizens to see gold as assets class for investment, but i am surprised to read in newspaper the govt. is not considering reference price of MCX for redemption purpose, which has largest market share, liquidity and participation in Indian commodity markets. Amarendra Kumar, Kolkata
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