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Gold bond scheme to be launched on Thursday

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The Reserve Bank of India (RBI) will start issuing sovereign gold bonds on November 26, 2015, with a tenor of eight years and an interest rate of 2.75 per cent, the finance ministry said in a statement. The bonds will be open for public subscription from November 5- 20, it added.
“Government of India, in consultation with RBI, has decided to issue sovereign gold bonds. The bonds will be sold through banks and designated post offices. The borrowing through issuance of the bond will form part of market borrowing programme of government of India,” the ministry said.
According to Sudheesh Nambiath, lead analyst ( precious metals demand), GFMS Thomson Reuters, South Asia and UAE, the scheme has been planned well, keeping longterm investors’ interest in mind. “ The pricing mechanism is attractive, giving time for decision making to invest at appropriate price levels.
Investor response is going to be phenomenal given that it is agood alternative to holding physical gold at home, given the safety feature.” The price of gold for the scheme will be calculated based on the previous week’s simple average gold price announced by the Indian Bullion and Jewellers Association.
BONDS OF GOLD
  • The Reserve Bank of India will start issuing sovereign gold bonds on November 26, 2015
  • The scheme has been planned well, keeping long- term investors’ interest in mind.
Buisness Standard, New Delhi, 31st Oct.2015

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