The Prime Minister Shri Narendra Modi had launched three Gold related Schemes i.e. Sovereign Gold Bond Scheme (SGB), Gold Monetisation Scheme (GMS) and Indian Gold Coins and Bullions on 5th November, 2015. There has been a mixed response to these schemes from the public.
The first tranche of Sovereign Gold Bond Scheme was issued on behalf of the Government of India by RBI at the branches of scheduled commercial banks and designated post offices through its e-kuber system from 5th November, 2015 to 20th November, 2015. More tranches will be issued during the financial year 2015-16.
This scheme saw an overwhelming response from the investors throughout the country and initial figures show that about 63,000 applications were received for a total of Rs 246.20 crore by the Banks and Post Offices for 917 kgs of gold.
It may be noted that this overwhelming response has been received from the retail investors who are the focus of this scheme. The positive response to this new and innovative saving instrument has elicited response from across the country and it is expected that subsequent tranches will continue to receive such enthusiastic response.