The scheme was launched in November 2015, as part of the government's efforts to trim physical gold demand. Gold bonds have an eight-year tenor, with an exit option for investors from the fifth year. Gross gold bond issuances by the government are expected to be lower at ₹11,200 crore in FY24 from an estimated ₹12,000 crore this fiscal and ₹12,991 crore in FY22, a finance ministry official told ET.