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Indian bond proposal aims to paperize gold
India Proposes Gold-Linked Bonds to Lower Bullion Imports
By Rajendra Jadhav and A. Ananthalakshmi
Bloomberg News
Friday, June 19, 2015
India is planning to issue sovereign bonds linked to the bullion price in an effort to divert some of the estimated 300 tonnes of annual demand for gold bars and coins, and reduce bullion imports that can push up the trade deficit.
The Reserve Bank of India will issue the bonds for the government, with a minimum interest rate of 2 percent, according to a draft outline issued by the government late on Thursday.
"The main idea is to reduce the demand for physical gold," the draft said. ...
While the deposit scheme aims to mobilize idle household gold, estimated at more than 20,000 tonnes, the sovereign bond would allow consumers to invest in "paper" gold rather than physical gold.
The bond would pay an interest rate linked to the international rate for gold borrowing. ...
... For the remainder of the report:
http://in.reuters.com/article/2015/06/19/india-gold-bonds-idINKBN0OZ09B2...
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