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Indian government discontinues sovereign gold bond scheme due to high cost of borrowing
What a pity. Indians will have to keep accumulating actual metal instead of government paper.
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By Meghna Mittal
Moneycontrol, Mumbai, India
Saturday, February 1, 2025
India's government has decided to discontinue the sovereign gold bond scheme, citing the high cost of borrowing associated with the instrument.
Finance Minister Nirmala Sitharaman confirmed the decision today during the post-budget media briefing when asked about the future of the scheme.
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"Yes, in a way," she said, acknowledging the discontinuation of the scheme, which was launched in 2015 to curb physical gold imports.
"These are the decisions which are taken with the purpose of raising borrowings from the market, for the purpose of financing the budget, and at some point of time, whether this asset class is to be supported or not. The recent past experiences have been that this has been a rather fairly high-cost borrowing for the government. As a result the government has chosen not to follow that path," Economic Affairs Secretary Ajay Seth explained at the briefing. ...
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