Gold scheme’s fourth tranche starts on Feb. 27

Posted On Saturday, 25 February 2017 10:19

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First three tranches saw sales of bonds worth 5,114.95 kg

The Centre on Thursday announced that it would issue applications for the fourth tranche of the Sovereign Gold Bond scheme from February 27 to March 3.

The bonds will be issued on March 17.

The bonds will be sold through banks, Stock Holding Corporation of India, designated post offices, and the National Stock Exchange and Bombay Stock Exchange.

The first three tranches of the scheme saw the sale of 5,114.95 kg worth of bonds amounting to ₹1,373 crore.

The first tranche, in November 2015, saw bonds worth 915.95 kg and amounting to ₹246 crore sold, while the second tranche in January 2016 witnessed 3,071 kg of gold bonds worth ₹798 crore being sold, and the third tranche in April collected 1,128 kg of gold worth ₹329 crore.

Physical demand

The aim of the scheme, as stated by the government at the time of its introduction in September 2015, was to help in reducing the demand for physical gold by shifting a portion of the estimated 300 tonnes of physical bars and coins purchased every year to gold bonds.

The minimum amount that can be bought are eight-year bonds worth 1 gram.

News source: The Hindu

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