1. Sovereign gold bonds scheme: Rs 5,400 cr raised so far, reveals RBI

Sovereign gold bonds scheme: Rs 5,400 cr raised so far, reveals RBI

Sovereign gold bonds scheme: Against the target of Rs 15,000 crore Sovereign gold bonds (SGBs) scheme has netted Rs 5,400 crore. This has been done in eight tranches till date. “The Reserve Bank of India, in consultation with the Government of India, has issued eight tranches of sovereign gold bonds for a total value of […]

By: | New Delhi | Published: June 9, 2017 10:14 PM
Sovereign gold bonds, sgb scheme, rbi regulations, RBI news, Reserve Bank of India, gold bonds, gold price, gold jewellery Sovereign gold bonds scheme: Against the target of Rs 15,000 crore Sovereign gold bonds (SGBs) scheme has netted Rs 5,400 crore. (PTI)

Sovereign gold bonds scheme: Against the target of Rs 15,000 crore Sovereign gold bonds (SGBs) scheme has netted Rs 5,400 crore. This has been done in eight tranches till date. “The Reserve Bank of India, in consultation with the Government of India, has issued eight tranches of sovereign gold bonds for a total value of Rs 5,400 crore till date,” the central bank said in a statement today. The SGB scheme was launched in 2015 for investors who are provided with the option of holding them in physical or dematerialised form. PTI reported, that RBI had the target of raising Rs 15,000 crore through issue of gold bonds in the first year alone, but the proceeds in 19 months total up to only Rs 5,400 crore. The bonds are a security for gold kept in jewellary or any physical form denominated in grams of gold. These are issued by Reserve Bank on behalf of the government. Gold in this form frees the investor from bearing the risks and costs of storage.

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The first tranche of sovereign gold bond scheme got a subscription for 915.95 kg of gold worth Rs 246 crore in November 2015. Each bond in units stands for one gram of gold and multiples thereof. Minimum investment is one gram with a maximum limit of subscription of 500 grams in these bonds per person per fiscal year (April–March). Issued under the eighth tranche, the bonds issued a maturity period of eight years.

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