Govt realizes Rs 919 cr through SGB scheme: Reports
01/08/2016 10:30
The Indian Government has said that it has realised Rs 919 crore through the fourth tranche of its Sovereign Gold Bond scheme. Commenting on the issue, the Finance Ministry Official told the media, “Collections under the Sovereign Gold Bond scheme reached a new high. The amount realised through the fourth tranche, at around Rs 919 crore, is the highest achieved as yet." “The previous highest was Rs 746 crore, which was realised in the second tranche, when the issue price was Rs 2,600 per gram of gold,” he added. As per reports, in the latest subscription, the issue price was fixed at Rs 3,119. This time around, the amount was mobilised through over 1.95 lakh applications representing around 2.95 tonnes of gold. In the Union Budget 2015-16, the SGB scheme was launched as an alternative to keeping physical gold. Launched in November 2015, the aim of SGB is to reduce demand, including through imports, for physical gold, and in process reduce India's current account deficit (CAD).
01/08/2016 10:30
The Indian Government has said that it has realised Rs 919 crore through the fourth tranche of its Sovereign Gold Bond scheme. Commenting on the issue, the Finance Ministry Official told the media, “Collections under the Sovereign Gold Bond scheme reached a new high. The amount realised through the fourth tranche, at around Rs 919 crore, is the highest achieved as yet." “The previous highest was Rs 746 crore, which was realised in the second tranche, when the issue price was Rs 2,600 per gram of gold,” he added. As per reports, in the latest subscription, the issue price was fixed at Rs 3,119. This time around, the amount was mobilised through over 1.95 lakh applications representing around 2.95 tonnes of gold. In the Union Budget 2015-16, the SGB scheme was launched as an alternative to keeping physical gold. Launched in November 2015, the aim of SGB is to reduce demand, including through imports, for physical gold, and in process reduce India's current account deficit (CAD).
