For 2016-17, the Centre hopes to mobilise about Rs. 3,800 crore through gold bonds scheme. In 2015-16, the Government had raised Rs. 1,318 crore through three tranches.
In the six tranches of sovereign gold bonds issued till date, a total of 14,071 kilograms of gold amounting to Rs. 4,127 crore had been subscribed.
Post the 2015-16 Budget announcement, Sovereign Gold Bonds (SGB) scheme was launched as an alternative to physical gold in November 2015.
The aim of SGBs is to reduce demand including through imports, for physical gold, and in the process reduce India's current account deficit.
The fourth series of gold bond scheme will open on Monday Feb 27,2017 and close on March 03,2017
The bonds will be issued on March 17,2017
Under the fourth series, SGBs carry an annual interest of 2.50 percent payable semi-annually. The tenure of the bond is 8 years with exit options at the end of 5th, 6th and 7th year. Minimum subscription will be 1 gram.
The issue price of the gold bonds will be Rs. 50 per gram less than the nominal value. Bonds, which can be used as collateral for loans, will be traded on the exchange thus providing investors with an opportunity to exit early.
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