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Government mulls increasing Rs 15,000 crore through gold bond scheme

News:

  • Government is looking at raising Rs 15,000 crore in the current fiscal through the gold bond scheme.
  • The interest rate for the scheme, would be close to the rates on government securities.
  • The bonds will be issued in 2, 5, 10 grams of gold or other denominations.
  • The proposed scheme, which aims to shift part of the estimated 300 tonnes of physical gold bar, will be marketed through post offices and brokers on commission basis.
  • The government plans to borrow Rs 6 lakh crore in current fiscal.
  • The scheme will be linked to the government borrowing programme from the beginning of next fiscal.
  • Capital gains tax treatment for the scheme would be the same as for physical gold.

Source:The Economic Times

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