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Government announces Sovereign Gold Bond Scheme 2023-24

Published on June 17, 2023
Current Context: Sovereign Gold Bond Scheme 2023-24. This is a scheme launched by the Government of India, in consultation with the Reserve Bank of India, to issue bonds that are linked to the price of gold.
Government announces Sovereign Gold Bond Scheme 2023-24
  • The scheme aims to provide an alternative to buying physical gold and to reduce the demand for imported gold. 
The scheme also offers some benefits to investors, such as:
    • The bonds are issued in denominations of one gram of gold and multiples thereof.
    • The bonds have a tenor of eight years with an option of premature redemption after fifth year.
    • The bonds carry an interest rate of 2.5% per annum payable half-yearly.
    • The bonds are exempt from capital gains tax if held till maturity.
    • The bonds can be traded on stock exchanges or transferred to other eligible investors.
    • The bonds can be used as collateral for loans.
  • The first tranche of the scheme is open for subscription from June 19 to 23, 2023, at Rs. 5,926 per gram. 
  • Online subscribers are also eligible for a discount of Rs. 50 per gram. The second tranche will run from September 11 to 15, 2023.

Question:

Q.1 What is the interest rate of the Sovereign Gold Bond Scheme 2023-24?
a. 2.5% per annum
b. 2.0% per annum
c. 1.5% per annum
d. 3.0% per annum
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