Today we speak of the Sovereign Gold Bond Scheme where the Government Will Sell You Gold ! No, actually the government will sell you a bond that looks and behaves exactly like Gold, but it’s not actual gold. We spoke of it as a SoBoGoS scheme , where we added a lot of snark to explain the concept. Read: What is the SoBoGoS Scheme? Now we finally have a notification from the RBI about what this scheme really is: Buy The Gold Bond From Banks or Post Offices: Current Tranche open between Nov 5 and Nov 20, 2015. Min 2 grams, Max 500 grams, multiples of 1 gram Get a Holding Certificate Can be dematerialized In Tranches, not on Tap Pay according to prev week’s average price of IBJA gold Interest of 2.75% on invested money, half of that every six months Redeemed after 8 years After five years, can be redeemed on interest payment dates, twice a year Can take loans Tax as per LTCG like real gold Apply – banks, post office etc. … (Read On…)
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