Finance Ministry

Swarna Bharat Yojana (SBY)

The Swarna Bharat Yojana is launched by Prime Minister Narendra Modi on 5 November 2015, Ministry of Finance Government of India. The primary purpose of the SBY is to reduce dependence on imported gold, recycle the unutilized gold in the country and most importantly, streamline the gold business in the country. At present, India is the largest consumer of gold in the world. Swarna Bharat Yojana (SBY) which covers three gold related schemes, namely, Gold Monetization Scheme, Sovereign Gold Bond Scheme and Indian Gold Coins. This three schemes will help to achieve objectives of Swarna Bharat Yojana. India is the largest consumer of gold so that implementation of this scheme would offer benefits to all Indian citizen. Indian should take benefits of this scheme by qualifying eligibility norms which are mentioned below in article.

Benefits of Swarna Bharat Yojana:

  • Swarna Bharat Yojana provides benefits broadly in the form of to reduce dependence on imported gold, recycle the unutilized gold in the country and increase the gold business in India
  • Under this scheme three schemes are implemented , namely, Gold Monetization Scheme, Sovereign Gold Bond Scheme and Indian Gold Coins all these provides various benefits like
  • Gold Monetization Scheme: The gold monetization scheme earns interest for your gold Jewellery lying in your locker. Broken Jewellery or Jewellery that you don’t want to wear can earn interest for you in gold
  • Sovereign Gold Bond Scheme: Scheme provides multiple benefits like Bonds can be used as collateral for loans, Bonds would be allowed to be traded on exchanges to allow early exits for investors who may so desire
  • Indian Gold Coins: This scheme will provide Indian gold coin of 24 karat purity and 999 fineness

Required eligibility and conditions for applying Swarna Bharat Yojana:

  1. This scheme is open for all Indian citizen, but Scheme under this scheme may have some eligibility criteria like e.g. Resident Indians (Individuals, HUF, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations and Companies) can make deposits under the scheme

Document required for applying Swarna Bharat Yojana:

  1. For applying schemes belongs to Swarna Bharat Yojana candidate need same documents which are required to open new bank account
  2. Aadhar card
  3. Permanent residence proof
  4. Indian citizen proof g. domicile certificate
  5. Identity proof
  6. Passport size photograph

Application procedure:

  1. Gold Monetization Scheme: Nationalize banks would provide application form
  2. Sovereign Gold Bond Scheme: Investors can apply for the bonds through scheduled commercial banks and designated post office
  3. Indian Gold Coins: This coin will distributed through designated & recognized MMTC outlets

Contact Details:

  1. Nationalize banks
  2. Designated & recognized MMTC outlets
  3. Commercial banks and designated post office

References & details:

  1. For more details regarding documents and other help please visit official website: http://www.finmin.nic.in/swarnabharat/
  2. http://www.finmin.nic.in/swarnabharat/indian-gold-coin.html
  3. http://www.finmin.nic.in/swarnabharat/sovereign-gold-bond.html
  4. http://www.finmin.nic.in/swarnabharat/gold-monetisation.html
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