27- Central Government of India Schemes -Sovereign Gold Bonds and Gold Monetisation Schemes
Ojective: of this programme is to decrease the demend for Gold and Some portion of the Gold imported every year is to be diverted to savings and investments.
A. Sovereign Gold Bonds –
RBI issues it on behlaf of central Government.
This scheme is implied only for Indian citizens.
Each person can invest from 2 grams to maximum of 500 grams.
For the year 2015-2016 interest rate is 2.75%.
This interest is paid once for 6 months.
Maximum tenure of a Gold bond is 8 years.
A person is allowed to withdraw from the scheme even after 5 years.
In the 1st phase of this scheme – 2 times for 3788 Kilograms Gold, 3.90 Lakhs applications were taken. With this scheme Government got 993 Crores income.