Travel pass: Pros may outweigh cons
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New series of Sovereign Gold Bond is opening for subscription on Monday. This is 6th series since first one in 2015 and issue price now is fixed at ₹5,000 per gram — almost double than the first one.
Though, as experts say, this scheme has proved to be very good for the individual investor, but it may put a burden on the exchequer as the government has promised to return the principal money to the investor after eight years from date of issue at then existing (current) market price. If issue price is ₹2,500 per gram and price at the maturity is ₹5,000, that means the investor will get back his principal at later price apart from interest every year. From 42 out of 45 completed series, a total investment of ₹18,152.14 crore for over 481 lakh gm gold has been received since inception of the scheme. Data of last three series are not available.
Dhirendra Kumar, CEO, Value Research, says no doubt this scheme has given excellent returns. The investors are also getting interest every year throughout the scheme period. “The investors do not need to have bear extra cost on account of purchasing gold in various forms. They do not have to be concerned about security. It is good investment,” he said.
However, he has a concern. “An unfunded liability is being created. Every series will get redeemed after eight years. I do not see provision for maturity amount being provided in the budget every year like gratutity or pension fund by a corporate. This is critical as bonds will be redeemed at then current price,” he said.
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