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  • Gold Schemes Guidelines issued by Reserve Bank of India

    Gold Schemes Guidelines issued by Reserve Bank of India

    Gold schemes were recently launched in the country and schemes such as the Sovereign Gold Bond (SGB), the Indian Gold Coin Scheme (IGC) and the Gold Monetisation Scheme or GMS was launched by the Prime Minister of India, Narendra Modi. These schemes even though issued by the government will be managed by the Reserve Bank of India and the public can begin subscribing to these schemes from November 5th to the 20th These sovereign gold schemes have been issued guidelines by the reserve Bank of India and aim to curtail the physical demand for the precious yellow metal. India being the second largest consumer of gold has the yellow metal deeply entwined in its historical and cultural roots and the demand for gold in India is ever increasing. The SGB scheme has subscriptions open from the 5th to the 20th of November and the RBI has issued its guidelines. Scheduled commercial banks and designated post offices are in charge of accepting applications for this scheme. According to a release from the RBI, the bonds will be issued on the 26th of November Eligible applicants to invest in the scheme include resident Indian entities such as individuals, Hindu Undivided families, universities, trusts and charitable institutes. The basic unit of the bond is 1 gram of gold and the bonds will be denominated in multiples of gold grams. The minimum investment for any individual or institute is 2 units or 2 grams of gold with a cap on the maximum invest being no more than 500 grams or units per person per fiscal year. The bonds come with an 8 year tenure with the option for exiting kicking in only after the completion of the 5th year on interest payment dates. The price of these bonds will be based on the closing price of gold of 999 purity and is calculated in Rupees. The closing price of gold will be published by the India Bullion and Jewellers association and the bonds will be issued in tranches that will be kept open for a notified period and the first tranche will be issued at a price of Rs 2684 per gram of gold. These bonds will accrue interest at the rate of 2.65% p.a. on the initial investment amount and is paid out half yearly with the last interest being paid out on maturity. The gold bonds can also be used as security and will be accepted as collateral while availing loans and shall attract the capital tax treatment that is applicable on gold

    Gold schemes were recently launched in the country and schemes such as the Sovereign Gold Bond (SGB), the Indian Gold Coin Scheme (IGC) and the Gold Monetisation Scheme or GMS was launched by the Prime Minister of India, Narendra Modi. These schemes even though issued by the government will be managed by the Reserve Bank of India and the public can begin subscribing to these schemes from November 5th to the 20th

    These sovereign gold schemes have been issued guidelines by the reserve Bank of India and aim to curtail the physical demand for the precious yellow metal. India being the second largest consumer of gold has the yellow metal deeply entwined in its historical and cultural roots and the demand for gold in India is ever increasing.

    The SGB scheme has subscriptions open from the 5th to the 20th of November and the RBI has issued its guidelines. Scheduled commercial banks and designated post offices are in charge of accepting applications for this scheme. According to a release from the RBI, the bonds will be issued on the 26th of November

    Eligible applicants to invest in the scheme include resident Indian entities such as individuals, Hindu Undivided families, universities, trusts and charitable institutes. The basic unit of the bond is 1 gram of gold and the bonds will be denominated in multiples of gold grams. The minimum investment for any individual or institute is 2 units or 2 grams of gold with a cap on the maximum invest being no more than 500 grams or units per person per fiscal year. The bonds come with an 8 year tenure with the option for exiting kicking in only after the completion of the 5th year on interest payment dates.

    The price of these bonds will be based on the closing price of gold of 999 purity and is calculated in Rupees. The closing price of gold will be published by the India Bullion and Jewellers association and the bonds will be issued in tranches that will be kept open for a notified period and the first tranche will be issued at a price of Rs 2684 per gram of gold. These bonds will accrue interest at the rate of 2.65% p.a. on the initial investment amount and is paid out half yearly with the last interest being paid out on maturity. The gold bonds can also be used as security and will be accepted as collateral while availing loans and shall attract the capital tax treatment that is applicable on gold

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