Sovereign gold bond scheme, gold monetisation scheme: All you wanted to know in 5 brief points

By: |
New Delhi | Updated: Oct 27, 2016 9:57 AM

The government has got down to some stock-taking of sovereign gold bond and gold monetisation schemes, which were launched in the first week of November with much fanfare.

Gold, dhanteras, Gold pricesIn the first tranche of the gold bond scheme, the government had received 63,000 applications amounting to Rs 246.2 crore. (Express Photo)

The government has got down to some stock-taking of sovereign gold bond and gold monetisation schemes, which were launched in the first week of November with much fanfare. Economic Affairs Secretary Shaktikanta Das interacted with members of the public and private bankers here to review the  progress of the schemes. “The meeting with the bankers was mainly to review gold monetisation and gold bond schemes and take decision wherever some tweaking is required,” Das told reporters after meeting the bankers here. Here are the top 10 points to note about the current status of the sovereign gold bond scheme gold monetisation scheme:

1. While the first tranche of the gold bond programme ended on November 20, the gold monetisation scheme is still open, which has attracted only under 1 kg of gold so far.

2. In the first tranche of the gold bond scheme, the government had received 63,000 applications amounting to Rs 246.2 crore.

3. The stakeholders are facing a number of difficulties, challenges and problems in implementing the gold monetisation scheme over the last 25 days. However, Das said, “It is too early to pass a verdict on the success of gold monetisation scheme… We are quite confident and committed to make it a success.”

4. To address the problem of demand, the Bureau of Indian Standards (BIS) has called for an expression of interest from all its 13,000 certified jewellers if they want to participate in the scheme. “We expect good response there,” Das said.

5. The government is offering a mechanism in which banks and refiners can forge an agreement for bulk gold.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1GST evasion: CBIC asks field offices to exercise max caution, prudence in property attachment
2Consumer Friendly: Fresh spectrum purchase to further delay tariff hike
3India-UK Trade Deal soon? Talks on track, says UK High Commissioner