Question
Consider the following statement about Sovereign Gold
Bond (SGB) Scheme? I. Sovereign Gold Bond (SGB) Scheme was launched by Ministry of Finance in 2015. II. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. III. Sovereign Gold Bonds were issued by public sector banks on behalf of the Union Government. Which of the above statement is/are incorrect?Solution
Sovereign Gold Bond (SGB) Scheme was launched by Ministry of Finance in 2015, under Gold Monetisation Scheme. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. Sovereign Gold Bonds are to be issued by Reserve Bank of India on behalf of the Government of India. Minimum permissible investment in SGBs will be One gram of gold. The maximum limit of SGBs subscription shall be 4 KG for individual, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal year (April-March) notified by the Government from time to time.
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