Page 39 - Bullion World Volume 02 Issue 02 June 2022_Neat

Bullion World | Volume 2 | Issue 02 | June 2022

Akshaya Tritiya:

Bars and coins rule in gold sales in Gujrat- In a break from convention,
Akshaya Tritiya saw more gold being sold in the form of bars and coins
than jewellery. Estimates suggest that around 300kg of gold was traded
in Gujarat in a single day.

Jewellery sales worth over 400cr were recorded in the capital city alone.

Tanishq unveils ‘Gold Coin ATMs’- Sold gold coins worth over Rs 25 lakh
through these “Gold Coin ATMs” which pumped out one and two-gram
coins on the festival and saw sales reach the pre-Covid levels. This is a
very customer-friendly machine and also a smart way to manage crowds
during the festival seasons.

Source: https://timesofindia.indiatimes.com
Source: https://www.deccanherald.com

RBI Announces First

Premature Redemption

Under Sovereign Gold Bond

Scheme

RBI stated that on Sovereign Gold Bond Scheme, premature redemption
of Gold Bond may be permitted after the fifth year from the date of issue of
such Gold Bond on the date on which interest is payable.

Source: https://www.business-standard.com

Govt plans tweak to Gold Monetisation Scheme,

wants consumers to share price-fluctuation risk:

The government is planning changes to its Gold Monetisation With the revision in the provisions of the scheme, the price
Scheme (GMS) to ensure that risk of fluctuating gold risk would move to the customer from the government. On
prices is shared by the consumer and not only borne by the the flip side, even if the price of gold at the time of redemption
government. The finance ministry, along with the RBI and of the deposit is lower than what it was at the time of deposit,
other stakeholders, is conducting a structural review of the the government would calculate the interest and principal
scheme, as the current cost of the scheme in repayments — repayment amount based on the price of gold on the day the
principal plus interest — is turning out to be more than the deposit was made.
cost of borrowing through its treasury bills (T-bills), which the
government is using as a benchmark to calculate costs. Source: https://theprint.in

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