INDIA July 27 2017 3:36 PM
MUMBAI (Scrap Register): The Sovereign Gold Bonds (SGBs) annual investment limit has been increased by India to 4 kilo gram per individual from 500 gm and relaxed other norms to make them more attractive to buyers.
According to Cabinet, SGBs will be available 'on tap'. Based on the consultation with NSE, BSE, banks and Department of Post, features of product to emulate 'on tap' sale would be finalised by Finance Ministry.
The investment limit as per the statement has been increased to 4 kg per individuals, 4 kg for Hindu Undivided Family (HUF) and 20 kg for trusts and similar entities advised by the government from time to time.
To make the strategy more attractive certain changes are made, mobilise finances as per the target and reduce the economic strains caused by imports of Gold and reduce the Current Account Deficit.
The Finance Ministry has been given the freedom to design the alterations of the SGB which would offer investment alternatives to different category of investors.