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Third tranche of Sovereign Gold Bond scheme receives luke warm response
The tranche generated subscriptions for 1,128 kg gold
By: Diamond World News Service
Mar 22 2016 9:54AM
Reference: 12822  

The Indian government gold bond scheme attracted a luke warm response in the third edition, as per reports. The Sovereign Gold Bond (SGB) scheme generated subscriptions of 1,128 kg gold or Rs.329 crore in value.

The government, as per reports believes the scheme is picking pace in terms of consumer awareness about its benefits.

The first tranche gererated subscription of 915.95 kg of gold worth Rs.246 crore, while the second culminated into Rs.726 crore for 2,790 kg gold being subscribed to.

The third tranche bonds would be sold through banks, the Stock Holding Corporation of India Ltd. (SHCIL) and designated post offices and issued on March 29.

The government had launched the gold scheme to reduce demand for physical gold and increase interest in gold buying in paper and demat form. The purpose was to reduce the country’s gold imports and thereby its current account deficit.

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