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The Covid-19 pandemic seems to have prompted people to invest more in gold though not in the physical form. This is evident from the data presented by the Finance Ministry in the Lok Sabha on Monday.
The government has so far launched six series of the Sovereign Gold Bond (SGB) Scheme during 2020-21. The data for five series show that a total of ₹8,498.53 crore was collected from the sale. This is nearly 47 per cent of the total collection of over ₹18,000 crore since the inception of the scheme in 2015.
SGBs are government securities denominated in grams of gold. Investors have to pay the issue price in cash and the bonds are redeemed in cash on maturity. The bonds are issued by the Reserve Bank on behalf of the Government of India in denominations of one gram of gold and in multiples thereof. . Investors get interest every year during the 8-year tenor. Investments in the bonds are at current prices and redemption at the price trend during maturity.
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