The NDA Govt Cabinet on Wednesday Sep 09,2015 approved Gold Bond and Gold Monetisation
schemes to reduce the yellow metal's demand in physical form and fish
out idle gold lying with households and other entities.
"It is safer and economically more stable to go under both these schemes," finance minister Arun Jaitley said after the Cabinet meeting.
The Gold Bond scheme will have an annual cap of 500 grams per person and such bonds would be issued for a period of 5-7 years. "The Cabinet today cleared the Gold Bond scheme. Under this scheme instead of buying physical gold, Indian residents can buy the gold bonds," Jaitley said.
The Budget 2015-16 had proposed to launch a Sovereign Gold Bond (SGB) scheme to develop a financial asset as an alternative to gold.
The bonds will be issued in 2, 5 and 10 grams of gold or other denominations and the tenor of the bond could be for a minimum of 5-7 years so that it protects investors from medium-term volatility in gold prices, Jaitley said.
As regards the Gold Monetisation Scheme, the minister said people holding idle gold can deposit it in banks for either short, medium or long term.
"It is safer and economically more stable to go under both these schemes," finance minister Arun Jaitley said after the Cabinet meeting.
The Gold Bond scheme will have an annual cap of 500 grams per person and such bonds would be issued for a period of 5-7 years. "The Cabinet today cleared the Gold Bond scheme. Under this scheme instead of buying physical gold, Indian residents can buy the gold bonds," Jaitley said.
The Budget 2015-16 had proposed to launch a Sovereign Gold Bond (SGB) scheme to develop a financial asset as an alternative to gold.
The bonds will be issued in 2, 5 and 10 grams of gold or other denominations and the tenor of the bond could be for a minimum of 5-7 years so that it protects investors from medium-term volatility in gold prices, Jaitley said.
As regards the Gold Monetisation Scheme, the minister said people holding idle gold can deposit it in banks for either short, medium or long term.
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