Check New Modi Government’s Plan to Buy Cheap Gold at Home For 5 Days : A nationwide lockdown is underway against the backdrop of the Corona. Other people have been asked to stay at home except for essential services. Many transactions have stalled due to the lockdown. Similarly, if you want to buy gold at home during the lockdown, the Modi government has come up with a special plan for you. Sovereign Gold Bond 2020-21 Series 2 has been issued from today 11th May.
Sovereign Gold Bonds are priced at Rs 4,590 per gram. Sovereign Gold Bond 2020-21 Series 2 Purchase Scheme is open from 11th May to 15th May. In the first series, the price was Rs 4,639 per gram. Last month, the RBI had said that the government would issue sovereign gold bonds in six phases from April 20 to September.
Modi Government’s Plan to Buy Cheap Gold
The bond will be issued by the Reserve Bank of India. The Government of India has decided to offer a discount of Rs 50 per gram on the price issued to investors who apply online and pay through digital medium. For such investors, the price of a gold bond will be Rs 4,540 per gram.
What is the Sovereign Gold Bond Scheme?
The scheme was launched in November 2015. The aim is to reduce the demand for physical gold and use the domestic savings used to buy gold in financial savings. You can save on taxes if you invest in sovereign gold bonds instead of buying gold at home.
How much gold can you buy?
A person investing in a Sovereign Gold Bond scheme can buy up to 500 grams of gold bonds in a financial year. At the same time, the minimum investment is one gram. Any person or HUF can purchase a maximum of 4 kg of gold bonds in a financial year. Overall, the limit for purchase of bonds is 4 kg separately, while 20 kg is fixed for trusts or institutions. The duration of this scheme is 8 years. But before that, if you want to sell this bond, you have to wait for at least 5 years. You can also save tax by investing money in this scheme. The interest rate on the investment under the scheme is 2.5 per cent per annum.
Sovereign Gold Bonds are sold through banks, Stock Holding Corporation of India Limited, some post offices and NSE and BSE. You can go to any of these places and invest money in a bond scheme. The bond was valued at Bharat Bullion and Jewelers Association Ltd. The price of 999 pure gold is determined in rupees based on the last 3 days.
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