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GS-III : Economic Issues Gold investment

27 November, 2021
12 Min Read

Sovereign Gold Bond Scheme

Sovereign Gold Bonds

This scheme is for those individuals who intend to purchase gold for investment.
These bonds are issued by RBI on behalf of Govt on payment of Rs denominated in gms of Gold.
The interest is not fixed (unlike G-secs): given the prevailing price of Gold.
Like G-secs, they are backed by a Sovereign guarantee.

Gold Monetization Scheme, 2015

The scheme was launched in November 2015 along with sovereign gold bonds and Indian gold coins.
It facilitates the depositors of gold to earn interest on their metal accounts. Once the gold is deposited in the metal account, it starts earning interest on the same.
Under the scheme, a depositor gets 2.25% interest annually for a short-term deposit of one year to three years. Medium- and long-term deposits get 2.5% interest rate.
Objective: To mobilize the gold held by households and institutions in the country to put this gold into productive use and in the long run to reduce the current account deficit by reducing the country’s reliance on imports of gold to meet the domestic demand.
Along with GMS, a Sovereign Gold Bond Scheme (an alternative to purchasing metal gold) and the development of the Indian Gold Coin, were also announced.
Banks may accept the deposit of gold at designated branches, especially from larger depositors.

Click here for an analysis of the Gold Monetization Scheme.

Source: PIB

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