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Overwhelming response received from the retail investors for Sovereign Gold Bond Scheme (SGB) ; 63000 applications received for a total of ₹ 246.20 crore by the Banks and Post Offices for 917 kgs of gold; Number of decisions taken to improve the reach of Gold Monetisation Scheme (GMS)

Dated:- 28-11-2015 - The Prime Minister Shri Narendra Modi had launched three Gold related Schemes i.e. Sovereign Gold Bond Scheme (SGB), Gold Monetisation Scheme (GMS) and Indian Gold Coins and Bullions on 5th November, 2015. There has been a mixed response to these schemes from the public. The status of two of the schemes implemented by Department of Economic Affairs (DEA), Ministry of Finance is as follows:- Sovereign Gold Bond Scheme (SGB): The main objectives of the scheme is to reduce the .....

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hout the country and initial figures show that about 63,000 applications were received for a total of ₹ 246.20 crore by the Banks and Post Offices for 917 kgs of gold. It may be noted that this overwhelming response has been received from the retail investors who are the focus of this scheme. The positive response to this new and innovative saving instrument has elicited response from across the country and it is expected that subsequent tranches will continue to receive such enthusiastic .....

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esulted into signing of limited number of tripartite agreements among banks, CPTCs and refiners. After the slow response to this scheme, a meeting of all the stakeholders of the scheme was held in the Department of Economic Affairs. In the meeting, a number of decisions were taken to improve the reach of the scheme. These decisions include:- Gold depositors can give their gold directly to the refiner without involving the Collection and Purity Testing Centres (CPTCs) where ever it is acceptable .....

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