Sovereign Gold Bond Scheme: Finance Minister Nirmala Sitharaman said that the government has raised Rs 31,290 crore from this scheme since the launch of the Sovereign Gold Bond Scheme in the year 2015.
Sovereign Gold Bond Scheme
The government has raised Rs 31,290 crore from this scheme since the launch of the Sovereign Gold Bond Scheme in the year 2015. Finance Minister Nirmala Sitharaman gave this information to the Parliament. Sitharaman said in a reply in the Lok Sabha that the Sovereign Gold Bond Scheme was notified by the Government of India on November 5, 2015, as an alternative to developing alternative financial assets and buying or holding physical gold.
He said, as a result of the public’s response to the SGB scheme, a collection of Rs 31,290 crore has been made since the year 2015-16. Regarding the features of the scheme, the Finance Minister said that these bonds are issued on payment of Indian Rupees and are denominated in grams on gold.
interest earned on bonds
Bonds are issued by the Reserve Bank of India (RBI) on behalf of the Government of India, and have a government guarantee. He further said, the interest payable on these bonds is half-yearly and at the rate of 2.5 per cent per annum. Interest on the bond is taxable as per the provisions of the Income Tax Act. Any person is exempted from capital gains tax arising on redemption of SGB.
New series start from 9th August
Meanwhile, the Sovereign Gold Bond Scheme 2021-22 – Series V – has been opened from Monday to August 13. The settlement date is August 17, 2021. The issue price of the bond has been fixed at Rs 4,790 per gram during the application period. Responding to another question, Sitharaman said the total debt burden of the government during the year 2020-21 was Rs 1,19,53,758 crore (provisional) or 60.5 per cent of GDP (Rs 1,97,45,670 crore).
The price of a gold bond is linked to the spot price of gold in the market. In this, additional return is available in the form of interest on investment. Citizens of the country, Hindu Undivided Family Trusts, universities and charitable institutions can invest in this. Sovereign Gold Bond Scheme is good for such investors who do not want to invest in physical gold.
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