INDIA'S SOVEREIGN GOLD BONDS A Decade of Promise, Policy, and Performance   Covering: Policy Origins   |   All 67 Tranches   |   Taxation   |   Returns   |   Liquidity   |   Investor Suitability   |   Global Comparisons EXECUTIVE SUMMARY India's Sovereign Gold Bond (SGB) scheme launched in November 2015 as the star attraction of the government's Gold Monetisation Strategy. The idea was elegant: channel India's unshakeable love for gold into a paper-based alternative that would ease the current account deficit, mobilise idle household wealth, and give ordinary investors a safer, smarter way to own gold. Over nine financial years, 67 tranches were issued, raising Rs. 72,274 crore representing 146.96 tonnes of gold. The first batch, issued at Rs. 2,684 per gram in November 2015, matured in November 2023 at Rs. 6,132, delivering a 128% tax-free capital gain. Mor...