What is are the purpose purposes of Government rsquo s lsquo Sovereign Gold Bond Scheme rsquo and ls...........

Economic and Social Issues Budgeting and Fiscal policy

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What is/are the purpose/purposes of Government’s ‘Sovereign Gold Bond Scheme’ and ‘Gold Monetization Scheme’?

1. To bring the idle gold lying with Indian households into the economy

2. To promote FDI in the gold and jewellery sector

3. To reduce India’s dependence on gold imports

Select the correct answer using the code given below.

1 only

2 and 3 only

1 and 3 only

1, 2 and 3

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Explanation:

The sovereign gold bond scheme was launched in November 2015 to reduce the demand for physical gold and shift a part of the domestic savings, used for the purchase of gold, into financial savings. Gold and crude oil have significant role in India's widening current account deficit.