Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 5.0
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 4.0
Article rating: 3.0
Article rating: No rating
Article rating: 4.5
RSS

News

‘Not closing GOI Savings Bonds, just replacing it’

Author: Team Finapolis/Tuesday, January 2, 2018/Categories: Bonds

‘Not closing GOI Savings Bonds, just replacing it’

Hyderabad: After facing huge criticism from the Opposition, the government clarified on January 2 that it was not closing the GOI Savings Bonds, 2003, earning 8% interest per annum but replacing it with a scheme earning 7.75% interest.

“8% Savings Bonds Scheme, also known as RBI Bonds Scheme, is not being closed. 8% Scheme is being replaced by 7.75% Savings Bonds Scheme,” Subhash Chandra Garg, secretary to the department of economic affairs, ministry of finance, tweeted on Tuesday morning.

On Monday, January 1, the government had announced that its GOI Savings Bonds, 2003, will cease subscription from the next day.

The bonds have been popular on account of offering a higher rate of interest than small savings and fixed deposit rates.

Following the announcement, Congress leader and former Union finance minister P Chidambaram criticised the government for scrapping a taxable bond, calling it a “deplorable act”.

“Modi government scraps 8% taxable bonds dealing a severe blow to the middle class. How will the risk-averse average citizen save?” Chidambaram said in a tweet.

“Government owes a duty to provide its citizens one safe and risk free instrument for savings. Taking the only instrument away is a deplorable act," he added.

GOI Savings Bonds, 2003, with a tenure of 6 years and a minimum investment of Rs 1,000, were available in physical form only and not listed or tradable on stock exchanges.

Print Rate this article:
No rating

Number of views (204)/Comments (0)

Kavita Giridhar Mallya

Team Finapolis

Other posts by Team Finapolis
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free