Govt eyes Rs 3,809 cr via gold schemes 2016-17, new bonds from Feb 27

The government will launch the next tranche of Sovereign Gold Bonds on February 27 as part of efforts to mop up Rs 3,809 crore from all the gold schemes during this fiscal year.

The government will launch the next tranche of Sovereign Gold Bonds on February 27 as part of efforts to mop up Rs 3,809 crore from all the gold schemes during this fiscal year.

To dissuade Indians from importing gold, three gold schemes--Sovereign Gold Bonds, Gold Monetisation Scheme and Indian Gold Coin--were unveiled by Prime Minister Narendra Modi in 2015. (BLOOMBERG NEWS)

The three gold schemes--Sovereign Gold Bonds, Gold Monetisation Scheme and Indian Gold Coin--were unveiled by Prime Minister Narendra Modi in 2015 as part of the efforts to reduce imports of the yellow metal.

The Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds 2016-17–Series IV, the finance ministry said in a statement.

The applications for the bond will be accepted from February 27, 2017 to March 03, 2017. The Bonds will be issued on March 17, 2017.

The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and two major bourses National Stock Exchange of India Limited and Bombay Stock Exchange.

According to the Budget documents, the government earlier budgeted Rs 10,000 crore from sovereign gold bonds and gold monetisation schemes but revised the target to Rs 3,809 crore for 2016-17.

The Budget set a target of Rs 5,000 crore from the gold schemes during 2017-18.