Indian govt.: Buy our paper gold so we can drive gold's price down
Banks to Launch 2nd Tranche of Gold Bonds on Jan. 18
By the Press Trust of India
via The Times of India, Mumbai
Thursday, January 14, 2016
NEW DELHI -- Aimed at curbing demand for physical gold, the government has said banks will launch the second tranche of the sovereign gold bond scheme on January 18.
The second tranche of the gold bond scheme will remain open until January 22, Economic Affairs Secretary Shaktikanta Das said in a tweet.
"Next issue of gold bonds will be open from January 18 to January 22. Conference with bank CMDs held today," Das said.
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The first tranche of the gold bond scheme, which was launched in November, had got subscription for 915.95 kilograms of gold amounting to Rs 246 crore.
The gold bonds are issued in denominations of 5 grams, 10 grams, 50 grams, and 100 grams for a term of five to seven years with a rate of interest to be calculated on the value of the metal at the time of investment.
The scheme will have an annual cap of 500 grams per person.
Prime Minister Narendra Modi on November 5 launched the gold schemes to wean investors away from physical gold.
India imports about 1,000 tonnes of gold every year and the precious metal is the second-highest constituent of the import bill after crude oil.
The scheme is aimed at reducing demand for gold in physical form by encouraging people to buy the commodity in dematerialized or paper form.
In April-November this fiscal, gold imports have declined to US$22.65 billion, from US$24.49 billion in the same period last year. In volume terms the imports were 689 tonnes as against 628 tonnes in the same period last year.
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