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Q: What is/are the purpose/purposes of Government’s ‘Sovereign Gold Bond Scheme’ and ‘Gold Monetization Scheme’?
a) To bring the idle gold lying with Indian households into the economy
b) To promote FDI in the gold and jewellery sector
c) To reduce India’s dependence on gold imports
The correct answer is 1 and 3 only.
Sovereign Gold Bond Scheme
- Under the Gold Monetization Scheme, the Sovereign Gold Bond Scheme was introduced in November 2015.
- Sovereign Gold Bonds (SGBs) are government securities issued by the RBI on behalf of the government and denominated in kilos of gold.
- The Gold Monetization Scheme aims to minimise the nation’s dependency on gold imports by facilitating the use of household gold that is already in circulation for productive purposes. Hence statement 1 and 3 is correct.
- All Scheduled Commercial Banks excluding RRBs are eligible to implement the Scheme.
- Both the schemes are not intended to promote FDI in the gold and jewellery sector. Hence statement 2 is not correct.
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