Third tranche of gold scheme to begin soon

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 Third tranche of gold scheme to begin soonThe Indian government is set to begin the third tranche of its gold bond scheme, with applications being accepted starting March 8 until March 14. The bonds would be sold through banks, designated post offices and Stock Holding Corporation of India Limited (SHCIL), as per reports.

The bonds would be issued on March 29.

Beginning November 2015, when the first tranche was launched, the two tranches together have raised around Rs 1,050 crore. The first tranche attracted a subscription for 915.95 kg of gold valued at Rs 246 crore, while the second tranche launched in January, attracted subscriptions for 3,071 kg gold or Rs 798 crore. The gold bond scheme was launched by the Indian Prime Minister Narendra Modi to reduce demand for physical gold and instead choose to invest in non-physical forms like demat and paper.

The money collected through the schemes will support the government’s market borrowing programme.



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