What is/are the purpose/purposes of Government’s ‘Sovereign Gold Bond Scheme’ and ‘Gold Monetization Scheme”?
- To bring the idle gold lying with Indian households into the economy
- To promote FDI in the gold and jewellery sector
- To reduce India’s dependence on gold imports
Select the correct answer using the code given below.
[UPSC Civil Services Exam – 2016 Prelims]
(a) 1 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
- The Sovereign Gold Bond Scheme was launched in November 2015 under the Gold Monetisation Scheme.
- Sovereign Gold Bonds (SGBs) are government securities denominated in grams of gold. The Gold Monetisation Scheme aims to mobilize household gold for productive purposes, reducing reliance on gold imports.
- All Scheduled Commercial Banks (excluding RRBs) are eligible to implement the scheme. The schemes are not specifically intended to promote FDI in the gold and jewelry sector.