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Another sign that India's government is retreating from the war on gold
By Shweta Punj, Meghna Mittal, and Bodhisatva Ganguli
Money Control, Mumbai
Thursday, July 25, 2024
The government may scale back or even discontinue the Sovereign Gold Bonds scheme, which it considers too expensive, a person familiar with the development said.
This move coincides with the Union budget cutting customs duties on gold and silver to 6% from 15%. The reduction in customs duty is expected to dampen demand for Sovereign Gold Bonds.
... Dispatch continues below ...
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Following the tax cut, SGB prices on the National Stock Exchange fell by 2-5%.
The first tranche of SGBs, issued on November 30, 2015, reached its final redemption in November 2023. Investors who participated in the SGB scheme 2016-17, Series 1, issued in August 2016, are nearing their final redemption, which is set for the first week of August 2024. ...
... For the remainder of the report:
https://www.moneycontrol.com/news/business/mc-exclusive-end-of-sovereign-gold-bonds-12778331.html
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