Gold Bond scheme gets Rs 246 cr; excellent response: FinMin
New Delhi: The gold bond scheme has evoked “excellent response” with the government receiving 63,000 applications for purchase of bonds worth Rs 246 crore in the first tranche, a top official has said.
“Gold Bond Scheme: 63,000 applications for 917 kg. Gold amounting to Rs 246 crore in first tranche. Excellent response for an innovative product,” Economic Affairs Secretary Shaktikanta Das tweeted.
Aimed at providing an alternative to buying physical gold, the government had sold gold bonds through banks and post offices between November 5-20. The allotment will take place on November 30.
The gold bond scheme will offer investors an interest rate of 2.75 per cent and a choice to buy bonds worth 2 grams of gold, up to a maximum of 500 grams. The issue price of the sovereign gold bond for this tranche was Rs 2,684 per gram. The tenor of the bond will be for a period of eight years with exit option from 5th year to be exercised on the interest payment dates.
The interest earned on gold bonds would be taxable, and capital gains tax shall be levied as in case of physical gold. The bonds can be bought by resident Indian entities including individuals, HUFs, trusts, universities and charitable institutions.
Read full article: First Post
The RBI is set to "fine tune" the Gold Monetisation scheme as the initial response to the scheme has been Read more
NEW DELHI: The bullet train deal that India and Japan signed last week was only the first of several projects Read more
To take forward the ambitious Mumbai-Ahmedabad high speed rail project announced by the government in December last year in partnership Read more
In an effort to reduce the burden of demonetisation on the common man, Economic Affairs Secretary Shaktikanta Das said on Read more
