Gold Bond Scheme May Have Annual Cap Of 500 Gm/Person for 30 July 2015

Only Indian residents will be allowed to subscribe to the proposed Sovereign Gold Bond scheme which is likely to have an annual cap of 500 grams per person, the Finance Ministry has said. The Budget 2015-16 had proposed to launch a Sovereign Gold Bond (SGB) scheme to develop a financial asset as an alternative to gold. The proposed scheme, which aims to shift part of the estimated 300 tonnes of physical gold bar purchased every year to demat gold bond, will be marketed through post offices/ banks/NBFCs for a fee.