December 2, 2015

Gold bond scheme gets Rs246 crore of deposits

The government’s sovereign gold bond scheme has managed to attract deposits worth Rs.246 crore, the Reserve Bank of India (RBI) said in a statement on Tuesday. The total subscription denominated in units of gold was 915,953 grams.

“The top ten receiving offices in terms of subscription amount were HDFC Bank Ltd, ICICI Bank Ltd, YES Bank Ltd, Allahabad Bank, Bank of India, Andhra Bank, Karur Vysya Bank Ltd, DCB Bank Ltd, State Bank of India and Federal Bank Ltd,” RBI said in its statement.

On 30 October, the government and RBI, while announcing details of the scheme, said the bonds would bear an interest rate of 2.75% per annum and would be available at banks, post offices and brokerages between 5 November and 20 November. The price of gold was fixed at Rs.2,684 per gram.

“The rate has been fixed on the basis of simple average of closing price for gold of 999 purity of the previous week (26-30 October 2015) published by the India Bullion and Jewellers Association Ltd (IBJA),” RBI said.

The sovereign gold bonds scheme was launched in an effort to reduce demand for physical gold by providing an alternative investment instrument linked to gold.

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