For Quick Alerts
For Daily Alerts

Govt To Get Rs 726 Crore Via 2nd Tranche of Gold Bond Scheme


The government has received subscription for 2,790 kg gold amounting to Rs 726 crore under the second tranche of sovereign gold bond scheme, three times more than what it had received earlier.

Govt To Get Rs 726 Crore Via 2nd Tranche of Gold Bond Scheme

"Second tranche of Gold Bond Scheme: About 3.16 lakh applications for 2,790 kgs gold involving subscription of Rs 726 crore received," Economic Affairs Secretary Shaktikanta Das tweeted. The first tranche of the scheme, which was launched in November, had received a subscription for 915.95 kg of gold worth Rs 246 crore. As many as 62,169 applications had come for the first tranche.

"Second tranche of Gold Bonds: Outcome significantly better than first tranche. Scheme picking up," Das said in another tweet.

The second tranche of gold bond scheme, which opened for subscription on January 18, closed on January 22.

The bonds would be alloted on February 8. The gold bonds are issued in denominations of 5 grams, 10 grams, 50 grams and 100 grams for a term of 5-7 years with a rate of interest to be calculated on the value of the metal at the time of investment.

The scheme has an annual cap of 500 grams per person. In order to hard sell gold bonds, Finance Minister Arun Jaitley had earlier this month asked banks to make their best efforts to reach out to potential investors to invest in the second tranche of sovereign gold bonds.

Prime Minister Narendra Modi had on November 5 launched gold schemes to wean investors away from physical gold. India imports about 1,000 tonnes of gold every year and the precious metal is the second-highest constituent of the import bill after crude oil.

The scheme is aimed at reducing demand for gold in physical form by encouraging people to buy the commodity in demat or the paper form. During April-December this fiscal, gold imports increased to USD 26.45 billion as against USD 25.85 billion in the same period last year.


Read more about: sovereign gold bonds
Story first published: Friday, January 29, 2016, 9:35 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more