India plans to issue sovereign gold bonds
NEW DELHI: India will issue sovereign gold bonds from November 26, offering an annual interest rate of 2.75 per cent to domestic investors, a government statement said on Friday. The bonds will be sold through banks and designated post offices and will be part of New Delhi’s market-borrowing programme. The decision to sell gold bonds is part of the government’s plan to provide an alternative to purchasing the yellow metal. Gold is India’s second-biggest expense on the import bill after oil as the country consumes nearly 1,000 tonnes of the metal every year.