Centre to launch 2nd tranche of sovereign gold bond scheme on Jan-18
Updated: Jan 15, 2016 11:47:32am
New Delhi Jan 15 (KNN) The central government is going to launch a second tranche of sovereign gold bond scheme, available for public subscription from January 18-22.
The rate of interest for the bonds would be 2.75 per cent per annum for the year 2015-16 which would be payable on a half yearly basis. They would be available both in demat and paper form, an official release of the finance ministry said.
In this context, Finance Minister Arun Jaitley on Thursday asked the heads of banks to reach out to potential investors to invest in the gold bonds as these are attractive investments.
The government is keen to expand the scheme in the subsequent tranches as well, he said.
Jaitley also discussed banks’ preparedness for the launch of the scheme through a video conferencing with the bankers.
“The main objective of the scheme is to reduce the demand for physical gold and shift a part of the gold imported every year for investment purposes into financial savings through Gold Bonds,” the finance ministry said.
Further, “To increase awareness among depositors, the government is continuing with the media campaign on AIR and FM radio, in print media and through mobile SMS campaign,” the finance ministry added.
India imports about 1,000 tonnes of gold every year and the precious metal is the second-highest component of the imports bill after crude oil. During April-November this fiscal, gold imports have declined to USD 22.65 billion from USD 24.49 billion in the same period last year. (KNN Bureau)
The rate of interest for the bonds would be 2.75 per cent per annum for the year 2015-16 which would be payable on a half yearly basis. They would be available both in demat and paper form, an official release of the finance ministry said.
In this context, Finance Minister Arun Jaitley on Thursday asked the heads of banks to reach out to potential investors to invest in the gold bonds as these are attractive investments.
The government is keen to expand the scheme in the subsequent tranches as well, he said.
Jaitley also discussed banks’ preparedness for the launch of the scheme through a video conferencing with the bankers.
“The main objective of the scheme is to reduce the demand for physical gold and shift a part of the gold imported every year for investment purposes into financial savings through Gold Bonds,” the finance ministry said.
Further, “To increase awareness among depositors, the government is continuing with the media campaign on AIR and FM radio, in print media and through mobile SMS campaign,” the finance ministry added.
India imports about 1,000 tonnes of gold every year and the precious metal is the second-highest component of the imports bill after crude oil. During April-November this fiscal, gold imports have declined to USD 22.65 billion from USD 24.49 billion in the same period last year. (KNN Bureau)
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