Question
Consider the following statements about Sovereign Gold
Bond Scheme I. These are issued by the Reserve Bank of India (RBI) on behalf of the Government of India. II. Bonds are sold only through National Stock Exchange of India Limited and Bombay Stock Exchange. III. Bonds can be used as collateral for loans. Which of the following is/are incorrect statements:Solution
Statement I is correct-: The Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds in tranches for 2022-23. Statement II is incorrect-: Bonds are sold through Commercial banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and recognized stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange, either directly or through agents. Statement III is correct -: Bonds can be used as collateral for loans. The capital gains tax arising on redemption of SGB to an individual has been exempted.
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