www.finmin.nic.in/swarnabharat is the official website to know more about the new scheme. The Government of India has announced a new saving scheme for Gold known as Swarna bharat. This is Golden Opportunity for investors to invest the gold in Market. Under this scheme there are four gold related scheme, Gold Monetisation Scheme, Gold Sovereign Bond Scheme, Gold Coin Scheme and Gold Bullion Scheme. All these scheme will be launched on Thursday (5th November 2015) By Indian Prime Minster Narendra Modi.
The government of India also announced a toll free number and web page to know more detail about it.
The government of India also announced a toll free number and web page to know more detail about it.
- Official Web page - www.finmin.nic.in/swarnabharat
- Toll free number - 1800 1800 000
Advantage of Swarna bharat
- After announcing the new scheme the gold monetisation scheme will be replaced, 1999 while the existing deposits will be allowed to run till maturity or premature withdrawal by depositors.
- People can deposit the coins, bars and jewelry not allowed to deposit the stones and other metals.
- The minimum gold deposit is equivalent to 30 grams of gold
- The fitness of the gold should be 995 fineness
- There is no maximum limit for the deposit of the scheme
- The gold will be accepted all collection centers as per the Purity Testing Centers (CPTC) certified by the Bureau of Indian Standards (BIS) and notified by the central government.
- After the deposit of the gold,the deposit certificates will be issued by banks in equivalence of 995 fineness of gold.
- The principal and interest of the deposit under the scheme will be denominated in gold.
- The gold deposit will be accepted by designated banks under the the short term (1-3 years) Bank Deposit (STBD)
- The duration of the deposit will be 5-7 years
- The duration of the Long deposit will be 12-15 years
- All these deposit under the Terms and Condition of Government Deposit Schemes.
- There will be provision for premature withdrawal subject to a minimum lock-in period and penalty to be determined by individual banks.
- Interest on deposits under the scheme will start accruing from the date of conversion of gold deposited into tradable gold bars after refinement or 30 days after the receipt of gold at the CPTC or the bank's designated branch, as the case may be and whichever is earlier.
- The Reserve bank of India will issue the Bonds on behalf of the Central Government.
- The bond can purchase only for Indian resident Indian entities including individuals, Hindu undivided families, trusts, universities and charitable institutions.
- The Interest of the will be 2.75 percentage per annum, payable semi annually on the initial value of investment.
- This bond also can use for taking loans. The loan value will be calculated as equal to ordinary gold loan mandated by reserve bank time to time.
- The other monetisation gold schemes to be launched very soon by Prime Minister known as Gold Coin and gold Bullion scheme.
- Gold Coin and gold Bullion scheme is also a part of gold monetisation program
- The Indian built coin will have the National Emblem (Ashok Chakra) engraved on one side.
- In first stage only 5 and 10 grams of gold coin will be available and 20 gram bar also available.
- In first stage 15,000 coins of 5 gm, 20,000 coins of 10 gm and 3,750 bullion bars will be made available through MMTC outlets.
To know more about the scheme please visit the official website given below www.finmin.nic.in/swarnabharat
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