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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)
sambasivarao_4
sambasivarao_4 11 years 1 week ago
It is good but more than 90% of Hedgers and bullion participating from MCX only.So if you taken bench mark as MCX it is good.
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R Singh_1
R Singh_1 11 years 1 week ago
Good step taken by government, while going through your GMS scheme it as been observed that for price calculation you are taking NCDEX prices, but in bulllion industry MCX price are taken as a benchmark for trading.
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Jijulal Nair
Jijulal Nair 11 years 1 week ago
Good idea. 1. Provisions of depositing jewellery can attract more deposits. 2.option for same gold replacement would be needed in jewellery deposits 3. reasonable interest rate should also be given
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BHUPESH PAI
BHUPESH PAI 11 years 1 week ago
Good idea, if possible link it with Bank account. No hard paper need to be preserved by consumer. It will directly linked to account. Interest will be deposited to account. Through internet banking it can be managed. For all users receipt is given only for their information, but no need to preserve this like NSC certificate. In this way black money also can be controlled. Good quality paper suppose to be provided as certificate, cost of this certificate also saved and we have saved trees.
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SK Moinuddin
SK Moinuddin 11 years 1 week ago
A remarkable step the Sovereign GOLD BOND would serve the purpose of financial inclusion and upholding economic balance of current account deficit. the Sovereign gold bond should should be a special financial instrument that should anchor the role of monetisation and mobility just as sweep in and out facility in bank and kisan vikas patar certificates, government can also think of variable interest rates than fixed interest rates due the price volatility & circumstance in commodity market.
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Navin K
Navin K 11 years 1 week ago
Superb scheme.It is most useful and beneficial for both the government and the people.It will makes Theft free environment of gold but it is redeemable to money or metal gold form also because people likes to wear ornaments and the amount redeemable will be same as the value of gold at that time in the market.Thank you
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