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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)
RAMAN JUNEJA
RAMAN JUNEJA 11 years 1 week ago
ALL TRANSACTIONS IN ALL SECTOR IS REQUIRED PAN CARD TO SELL OR BUY ANYTHING IN INDIA THIS MOST EFFECTIVE SCHEMES FOR GOVERNMENT SUCESS
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Abhishek Jain_24
Abhishek Jain_24 11 years 1 week ago
Sir, The bond should be redeemable in gold form also and there should be tie up with Jwellers(especially small Jwellers) to purchase jewellery at redemption amount or quantity of gold
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DIPU KUMAR
DIPU KUMAR 11 years 1 week ago
Draft is good but interest rate and management also to be clear..security also should be clear..it is beneficial for India making currency strong..
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sujit lotlikar
sujit lotlikar 11 years 1 week ago
good draft,for new investment on gold bond, Some clarity about its management control,security,broker responsibility & period of existence of scheme,to be mention.with RBI control or appoint agencies as something need to be done on jewellery minting service or metal detector to check percentage of gold,since most of jewellery we use is not 100% pure,such gold jewellery can be physically deposited to get interest on gold.
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ajma shad ck
ajma shad ck 11 years 1 week ago
1.we need to control gold from other countries especially Saudi Arabia, South through airport and containers . 2.if government increase gold tax. That will become encourage of bringing gold in unethical manner from abroad .I suggest that don’t increase gold tax. 3.Every gold transaction must be through pan cad. Each gold transaction will be accounted by apply this technique is adapt.
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ajma shad ck
ajma shad ck 11 years 1 week ago
sir, There are more than thousands of gold business entrepreneurs across india, the corporate business entrepreneurs are earning huge profit. I am Sure that they are blaming the government in tax. Also there are many brokers between gold entrepreneurs and gold source, they have many hold across harbors and airports in India. Still they are continuously blame the government by using this kind of unethical holds in ships and airport in India . The government costumes employees must active.
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MURUGAIAH SELVAM
MURUGAIAH SELVAM 11 years 1 week ago
Although this scheme is good,need to consider few points/issues which we have in mind 1)where to deposit golds? 2)if at Banks,how safe the gold? 3)in case lost/stolen what guarantee government can give to the depositors? 4)Is it covered by insurance? 5)Can it be treated as an asset? I believe most of has the same concern as what i brought here. Also hope government can simplify and most trustable to the people
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