The Reserve Bank of India ( RBI) will soon notify a sovereign gold bond scheme. This follows the notification of a gold monetisation scheme last week. The government will launch three new schemes: Apart from bonds, the others pertain to gold monetisation and selling of gold coins. The launch would be “ on or before November 9,” Saurabh Garg, joint secretary in the Union finance ministry, said while addressing a workshop organised by the Indian Institute of ManagementAhmedabad’s gold policy centre.
For gold bonds with a sovereign guarantee, a government circular had earlier said investors would have to deposit cash, to be calculated in terms of the price and the quantity of gold one wants to invest. During maturity, money would be paid keeping in mind the prevailing gold prices; interest would be paid every year.
Earlier, the scheme was scheduled to be launched on November 4. Now, it is said it will be launched on November 5 so that by Dhanteras, all bank branches and post offices are equipped for it. However, RBI is yet to issue a final notification on gold bonds, the interest rate to be paid to investors and the prices to be arrived at for gold schemes.
“A final notification clarifying all these issues is expected in the near future,” said Garg.
RBI’s stand on the interest to be paid for medium- and long- term deposits under the gold monetisation scheme differs from that stated in the government’s September circular. “ The final notification will clarify all doubts,” said Garg. The government will also sell Ashok Chakra- embossed gold coins of five g and 10 g. While the pricing of these coins isn’t known, a refiner said, “ It will be at a premium to the market price.” Garg said, “ The government will also sell 20 g gold units in bullion form.”
Business Standard, New Delhi, 28th Oct. 2015
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