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With reference to Sovereign Gold Bond (SGB) scheme, consider the following statements:
1. It was launched with an objective to reduce the demand for physical gold.
2. These are issued by the RBI on behalf of the Government of India.
3. The bonds can be bought by the resident individuals only.
Which of the statements given above are correct ?
- a)2 and 3 only
- b)1 and 2 only
- c)1 and 3 only
- d)1, 2 and 3
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
With reference to Sovereign Gold Bond (SGB) scheme, consider the follo...
- The Sovereign Gold Bond (SGB) scheme was launched in November 2015 with an objective to reduce the demand for physical gold and shift a part of the domestic savings - used for the purchase of gold - into financial savings. Hence, statement 1 is correct.
- The Gold Bonds are issued as Government of India Stock under the Government Securities (GS) Act, 2006.
- These are issued by the RBI on behalf of the Government of India. Hence, statement 2 is correct.
- The bonds are restricted for sale to resident individuals, Hindu Undivided Families (HUFs), trusts, universities and charitable institutions. Hence, statement 3 is not correct.
Most Upvoted Answer
With reference to Sovereign Gold Bond (SGB) scheme, consider the follo...
Statement 1: It was launched with an objective to reduce the demand for physical gold.
The first statement is correct. The Sovereign Gold Bond (SGB) scheme was indeed launched with the objective of reducing the demand for physical gold in the country. The government aims to discourage the purchase of physical gold and promote the purchase of gold in paper or digital form through these bonds. By investing in SGBs, individuals can participate in the potential appreciation of gold prices without the need to physically hold the gold.
Statement 2: These are issued by the RBI on behalf of the Government of India.
The second statement is correct. The Sovereign Gold Bonds are issued by the Reserve Bank of India (RBI) on behalf of the Government of India. The RBI acts as the issuer and facilitates the issuance and redemption of these bonds. The bonds are backed by the sovereign guarantee of the Government of India, making them a safe and secure investment option.
Statement 3: The bonds can be bought by the resident individuals only.
The third statement is incorrect. The Sovereign Gold Bonds can be bought by a wider range of investors, including individuals, HUFs (Hindu Undivided Families), trusts, universities, and charitable institutions. However, there are certain eligibility criteria that need to be fulfilled. Resident individuals, Hindu Undivided Families (HUFs), trusts, universities, and charitable institutions are eligible to purchase the bonds. Non-resident Indians (NRIs) are also eligible to invest in these bonds. However, the bonds cannot be held jointly, and only individual or HUF investors can apply in a single application form.
In conclusion, the correct statements are:
1. It was launched with an objective to reduce the demand for physical gold.
2. These are issued by the RBI on behalf of the Government of India.
Therefore, the correct answer is option 'B' - 1 and 2 only.
The first statement is correct. The Sovereign Gold Bond (SGB) scheme was indeed launched with the objective of reducing the demand for physical gold in the country. The government aims to discourage the purchase of physical gold and promote the purchase of gold in paper or digital form through these bonds. By investing in SGBs, individuals can participate in the potential appreciation of gold prices without the need to physically hold the gold.
Statement 2: These are issued by the RBI on behalf of the Government of India.
The second statement is correct. The Sovereign Gold Bonds are issued by the Reserve Bank of India (RBI) on behalf of the Government of India. The RBI acts as the issuer and facilitates the issuance and redemption of these bonds. The bonds are backed by the sovereign guarantee of the Government of India, making them a safe and secure investment option.
Statement 3: The bonds can be bought by the resident individuals only.
The third statement is incorrect. The Sovereign Gold Bonds can be bought by a wider range of investors, including individuals, HUFs (Hindu Undivided Families), trusts, universities, and charitable institutions. However, there are certain eligibility criteria that need to be fulfilled. Resident individuals, Hindu Undivided Families (HUFs), trusts, universities, and charitable institutions are eligible to purchase the bonds. Non-resident Indians (NRIs) are also eligible to invest in these bonds. However, the bonds cannot be held jointly, and only individual or HUF investors can apply in a single application form.
In conclusion, the correct statements are:
1. It was launched with an objective to reduce the demand for physical gold.
2. These are issued by the RBI on behalf of the Government of India.
Therefore, the correct answer is option 'B' - 1 and 2 only.
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With reference to Sovereign Gold Bond (SGB) scheme, consider the following statements:1. It was launched with an objective to reduce the demand for physical gold.2. These are issued by the RBI on behalf of the Government of India.3. The bonds can be bought by the resident individuals only.Which of the statements given above are correct ?a)2 and 3 onlyb)1 and 2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?
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With reference to Sovereign Gold Bond (SGB) scheme, consider the following statements:1. It was launched with an objective to reduce the demand for physical gold.2. These are issued by the RBI on behalf of the Government of India.3. The bonds can be bought by the resident individuals only.Which of the statements given above are correct ?a)2 and 3 onlyb)1 and 2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to Sovereign Gold Bond (SGB) scheme, consider the following statements:1. It was launched with an objective to reduce the demand for physical gold.2. These are issued by the RBI on behalf of the Government of India.3. The bonds can be bought by the resident individuals only.Which of the statements given above are correct ?a)2 and 3 onlyb)1 and 2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to Sovereign Gold Bond (SGB) scheme, consider the following statements:1. It was launched with an objective to reduce the demand for physical gold.2. These are issued by the RBI on behalf of the Government of India.3. The bonds can be bought by the resident individuals only.Which of the statements given above are correct ?a)2 and 3 onlyb)1 and 2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?.
With reference to Sovereign Gold Bond (SGB) scheme, consider the following statements:1. It was launched with an objective to reduce the demand for physical gold.2. These are issued by the RBI on behalf of the Government of India.3. The bonds can be bought by the resident individuals only.Which of the statements given above are correct ?a)2 and 3 onlyb)1 and 2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to Sovereign Gold Bond (SGB) scheme, consider the following statements:1. It was launched with an objective to reduce the demand for physical gold.2. These are issued by the RBI on behalf of the Government of India.3. The bonds can be bought by the resident individuals only.Which of the statements given above are correct ?a)2 and 3 onlyb)1 and 2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to Sovereign Gold Bond (SGB) scheme, consider the following statements:1. It was launched with an objective to reduce the demand for physical gold.2. These are issued by the RBI on behalf of the Government of India.3. The bonds can be bought by the resident individuals only.Which of the statements given above are correct ?a)2 and 3 onlyb)1 and 2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?.
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