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People prefer physical gold over sovereign gold bonds as no trail is left for the tax authorities. What is Sovereign Gold Bond (SGB)? About A financial instrument introduced by government to reduce gold imports Launch year 2016 Issuer Reserve Bank of India (RBI) on behalf of Government of India Interest 2.5% paid semi-annually Eligible investors Persons residing in India as defined under Foreign Exchange Management Act,1999 Individuals, Hindu Undivided Families (HUFs), Trusts, Universities and Charitable institutions Investment limit Minimum investment- 1 gram Maximum investment Individuals & HUFs - 4 kg Trusts - 20 kg Authorized agencies to sell SGBs Nationalised Banks…
24 November, 2023
Gold investment
Hallmark Unique Identification (HUID) Recently, the Union Ministry of Consumer Affairs announced that beginning on April 1, 2023, the sale of gold jewellery will require a Hallmark Unique Identification (HUID). Without a 6-digit alphanumeric Hallmark Unique Identification Number, the Bureau of India Standards (BIS) will not permit the sale of hallmarked gold jewellery or gold artefacts beyond March 31, 2023. (HUID). About The validity of hallmarked jewellery sold to customers under previous agreements shall not be affected. Together with the 6-digit HUID mark, old hallmarked jewellery with 4 marks and no HUID was also allowed to be sold by jewellers.…
16 March, 2023
Gold investment
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…
27 November, 2021
Gold investment
Hallmarking of Gold Mandatory Hallmarking of Gold Jewellery is going to come into force from tomorrow, 16th June 2021. Under Hallmarking scheme of the Bureau of Indian Standards, Jewellers are registered for selling hallmarked jewellery and recognise testing and Hallmarking centres. BIS (Hallmarking) Regulations, were implemented w.e.f. 14.06.2018. Hallmarking will enable Consumers/Jewellery buyers to make a right choice and save them from any unnecessary confusion while buying gold. At present, only 30% of Indian Gold Jewellery is hallmarked. India is the world’s largest importer of gold, with annual imports of 700-800 tonne. The jewellers have been given one year time…
16 June, 2021
Gold investment
Gold Hallmarking in India The government said that it is fully prepared to implement the mandatory hallmarking of gold jewellery and artefacts from June 15, 2021. What is Gold hallmarking? Gold hallmarking is a purity certification of precious metal. At present, It is voluntary in nature. Gold Hallmarking in India: In 2019, the Government announced that hallmarking of gold jewellery and artefacts will be made mandatory across the country. The government had given jewellers more than a year to shift to hallmarking and register themselves with the Bureau of Indian Standards (BIS). Key Features of Gold Hallmarking: Hallmarked gold jewellery…
24 May, 2021
Gold investment
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 not fixed (unlike G-secs): given on 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 India gold coins. It facilitates the depositors of gold to earn interest on their metal accounts. Once the gold is deposited in a metal account, it starts earning interest on…
12 May, 2021
Gold investment
Investing in Gold Bonds GS-PAPER-3 Economics-Investment (PT-MAINS) The fourth tranche of sovereign gold bonds 2020-21 is open for subscription. Gold bonds: The government introduced the gold bonds scheme in 2015. The scheme was introduced to wean away investors from the physical gold market. These bonds have a maturity period of eight years. But, the investors have the option to exit after the fifth year. Funds raised through such issuances form part of the government’s overall borrowings in a year. What are the benefits of buying gold bonds? Gold bonds offer investors twin benefits of price appreciation along with a fixed…
10 July, 2020
Gold investment
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