India Gets only Rs. 1,400 cr. via Gold Bonds

New Delhi: The Centre managed to raise just Rs 1,400 crore through the sovereign gold bonds or only 9% of the target of Rs 15,000 crore in the current fiscal year, sources said.

The third and final tranche of the bonds fetched about Rs. 400 crore in March 8-14 as against Rs 1,050 crore in second tranche in January and Rs 246 crore in November.

Even though the performance of the bond scheme was weak, it was even weaker for the gold monetization scheme, both launched simultaneously to curb gold imports. Till March 15, sovereign gold bonds equivalent to a little over 5 ton of gold were sold to investors while the mobilization of gold was less than 2 ton under the gold monetization scheme (GMS).

“Both the schemes will be streamlined after taking into the performance in the pilot period. There may be some changes, especially, in the GMS,” one official said.