New Delhi: The Modi government at the Centre has so far raised a total of Rs 31,290 crore under the Sovereign Gold Bond Scheme (SGB). Union Finance Minister Nirmala Sitharaman informed Parliament on Monday that the Sovereign Gold Bond scheme was launched in November 2015 and since then the government has collected an amount of Rs 31,290 crore in various varieties.

Replying to a question in the Lok Sabha, the Finance Minister said that the main objective of developing financial alternative assets and the purchase/purchase of physical gold is to ensure that the financial alternative assets are developed. As an alternative to retaining, the Sovereign Gold Bond scheme was notified by the Government of India on 5th November 2015. On the features of the scheme, the Finance Minister said that these bonds are issued on payment of Indian rupees and are issued by the government by RBI and are guaranteed sovereign.

The Finance Minister said that the sale of these bonds is limited to resident Indian units. At present, the investment limits are 4 kg per financial year for individuals and Undivided Families and 20 kg per annum for justice and units like it. Interest on these bonds is payable every half year and 2.50% is payable at the rate of 2.50% per annum. Interest on bonds shall be taxable as per the provisions of the Income Tax Act. These bonds are provided in both documents and Demat format and can be traded in the secondary market.

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