Cabinet approves changes in Sovereign Gold Bond scheme

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The Cabinet has raised the annual investment limit in Sovereign Gold Bonds (SGBs) to 4 kg per individual from 500 gm and relaxed other norms to make them more attractive to buyers. The ceiling will be counted on financial year basis and will include the SGBs purchased during trading in the secondary market, an official statement said after the Cabinet meeting.

According to the statement, the investment limit per fiscal year has been increased to 4 kg for individuals, 4 kg for Hindu Undivided Family (HUF) and 20 kg for trusts and similar entities notified by the government from time to time. The ceiling on investment will not include the holdings kept as collateral by banks and financial institutions. "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 finalized by Finance Ministry," it said.

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