Sovereign gold bonds fetch investment worth Rs 6,030 crore
DSIJ Intelligence / 09 Aug 2017
Sovereign gold bonds have attracted total investment worth Rs 6,030 crore, as stated by the Reserve Bank on Tuesday.
Sovereign gold bonds have attracted total investment worth Rs 6,030 crore, as stated by the Reserve Bank on Tuesday. The government introduced the scheme in November 2015 with the objective to reduce the demand for physical gold and shift a part of the domestic savings used for purchase of gold into financial savings.
The bond is issued by the RBI on behalf of the Government of India. The minimum permissible investment is 1 gram of gold and the maximum amount subscribed by an entity cannot be more than 500 grams per person per fiscal year i.e., April-March. The RBI has issued these sovereign gold bonds in nine tranches. The total investment was Rs 5,400 crore in eight tranches.
The applications for the latest tranche were accepted from July 10-14, 2017 and the bonds were issued on July 28. Investors of sovereign gold bonds have the option of holding them in physical or dematerialised form.
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