With the main objective to develop an alternate financial asset and as an alternative to purchasing/holding of physical gold, the SGB Scheme was notified by the Government of India on November 5, 2015, Sitharaman said in a reply in Lok Sabha.
“The response of public on the SGB scheme has resulted in the collection of Rs 31,290 crore since 2015-16,” she said.
Talking about features of the scheme, the Finance Minister said these bonds are issued on payment of Indian rupees and is denominated in grams of gold.
Bonds are issued on behalf of the Government of India by RBI, and have a sovereign guarantee.
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