Friday, November 12, 2021

Gold Bond Scheme

Gold Bond Scheme

Keeping in mind the proper use of gold in the budget, the Government of India had talked about some new schemes 

Under which the benefit of both the country and the public has been seen. By joining this, the economic problem of the country will be strengthened along with the personal economic problem of man.

The bonds that will be given under this scheme will be 5 grams, 10 grams, 50 grams, and 100 grams of gold. In which the customer can buy a bond equivalent to 500 grams of gold in a year. In return, interest will be given by the government, which will be according to the price of gold.

On 9 September 2015, in the cabinet meeting chaired by the Prime Minister, the matter of the new gold bond scheme was put forward, after which this scheme was fully prepared and implemented on 5 November, under which customers will be able to take advantage of it voluntarily. The customer can take this bond in multiple installments. Customers will get this bond through banks, post offices, NBFCs, and agents. This bond will be available in both paper and Demat form.

Eligibility for Gold Bond:-

Any Indian person can take advantage of Sovereign Gold Bonds, which can be taken by any Indian singly or jointly. , Universities, Institutions, etc. It is also necessary to have a Voter ID, Aadhar Card, PAN Card, etc. in the identity card for Gold Bond.

Maximum and minimum investment:-

The maximum and minimum investment amount has been fixed for gold bonds, in which the customer can invest 2 grams minimum and 500 grams maximum gold quantity, which will be in the form of Indian currency from 5,368 to 13,42,000. If this investment is made for a joint bond then a maximum of 500 grams will be applicable for the first subscriber-only.

Lock-in-period:-

These gold bonds will mature in a period of eight years but if the customer wants, he can break it anytime after five years if he wishes. If a customer wants it long-term, then the period can also be extended. Gold bonds can also be used as security for taking loans, that is, money can be borrowed on these bonds.

Interest Rate on Gold Bonds:-

Simple interest will be given on gold bonds, the rate of which has been fixed at 2.75%, in the beginning, half-yearly interest will be given.

Tax/Tax Rate on Gold Bond:-

It will be taxed as per ordinary policy. The annual interest will be charged as prescribed by the tax slab.

VISIT OFFICIAL WEBSITE: https://rbi.org.in/Scripts/BS_SwarnaBharat.aspx

Gold Bond Scheme Scheme Key Points:-

This includes 5 grams, 10 grams, 50 grams, and 100 grams of gold equivalent bonds.

In a year, the customer can take a gold bond equivalent to 500 grams of gold.

For these bonds, the government will give a guarantee to the RBI and the bonds will be available in the name of the Government of India.

Interest will be given on these bonds according to the value of gold, after a certain period, the government can also change these interest rates.

The tenure (lock-in period) of this bond has been fixed from 5 to 7.

Money can be withdrawn before the lock-in period.

Gold bonds can be transferred from one name to another.

These bonds will be available on both Demat and paper.

The normal tax regime will be applicable to these bonds.

Benefits of Gold Bond Scheme Scheme:-

With this scheme, there will be a proper use of gold, which will improve the economy of the country, which will lead to the development of the country.

Gold imports will decrease.

Will help in foreign exchange protection.

Due to this, the market condition will be normal, the person will be able to reduce money from his property.

On these bonds, the customer can also take a loan i.e. loan.

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