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National Stock Exchange to introduce online auction for gold bond release
Posted on: 11/Jul/2016 6:05:42 PM
The central government introduced the Gold Bond Scheme last October in order to bring out the gold lying in houses and temples and also to bring down the quantity of gold imports.
So far, 3 gold Bond Schemes have been released and the government has earned a total of Rs. 1322 Crores.
It is expected that the 4th Phase of Gold Bond Release will commence on 18th July.
The Reserve Bank of India releases the Gold Bond on behalf of the central government.
Under this scheme, an individual can buy Gold Bonds worth 5,10, 50, and 100 grams.
An individual is allowed to buy a maximum of 500 grams of gold Bonds in a single financial year. The maturity time for the gold bond is 8 years.
After 8 years, the gold bonds can be surrendered to get cash or gold. The investment carries an interest at 2.75 percent per year.
In this scenario, the National Stock Exchange has introduced online auction for buying the gold bonds during the next phase release.
Stock exchange members and brokers can avail this facility. The brokers can furnish their auction quotes (figures) online on behalf of their customers.
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