The concern value for the primary tranche of Sovereign Gold Bond Scheme for present fiscal, which is able to open for subscription for 5 days from Monday, has been fastened at Rs 5,091 per gram of gold, the Reserve Bank of India (RBI) stated on Friday.
The Sovereign Gold Bond Scheme 2022-23 – Series I shall be open for subscription throughout June 20–24, 2022.
“The nominal value of the bond … works out to Rs 5,091 per gram of gold,” the central financial institution stated in a press release.
The Government of India, in session with the RBI, has determined to supply a reduction of Rs 50 per gram on the nominal worth to these buyers making use of on-line and the cost towards the appliance is made by digital mode.
“For such investors, the issue price of Gold Bond will be Rs 5,041 per gram of gold,” RBI stated.
The second tranche (2022-23 Series II) shall be out there for subscription throughout August 22-26, 2022.
The central financial institution points the bonds on behalf of the Government of India, and these bonds are restricted on the market to resident people, Hindu Undivided Families (HUFs), trusts, universities and charitable establishments.
“The tenor of the SGB (Sovereign Gold Bond) will be for a period of eight years with an option of premature redemption after 5th year to be exercised on the date on which interest is payable. The minimum permissible investment will be one gram of gold”, it stated.
In 2021-22, SGBs have been issued in 10 tranches for an combination quantity of Rs 12,991 crore (27 tonnes).
The most restrict of subscription is 4 Kg for people, 4 Kg for HUFs and 20 Kg for trusts and comparable entities per fiscal yr.
The value of SGB shall be fastened in rupees on the premise of a easy common of the closing value of gold of 999 purity, revealed by the India Bullion and Jewellers Association Limited (IBJA) for the final three working days of the week previous the subscription interval.
The buyers shall be compensated at a set price of two.5 per cent each year payable semi-annually on the nominal worth.
The SGBs are offered by banks, Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), submit workplaces and the 2 inventory exchanges (NSE and BSE).
The Sovereign Gold Bond Scheme was launched in November 2015 with an goal to cut back the demand for bodily gold and shift part of the home financial savings — used for the acquisition of gold — into monetary financial savings.
Source: www.financialexpress.com”