Sovereign Gold Bond Scheme opens today
Sovereign Gold Bond Scheme opens today
By: Pune Pulse
December 18, 2023
Pune: Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds (SGBs) in tranches starting Dec 18 to Dec 22, 2023, with date of issuance from Dec 28, 2023.
The SGBs will be sold through Scheduled Commercial banks (except Small Finance Banks, Payment Banks and Regional Rural Banks), Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited.
The maximum limit of subscription shall be 4 Kg for individuals, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal year (April-March), as notified by the Government from time to time. A self-declaration to this effect will be obtained from the investors at the time of making an application for subscription. The annual ceiling will include SGBs subscribed under different tranches, and those purchased from the secondary market, during the fiscal year. (CCIL), designated post offices, and recognized stock exchanges, viz., National Stock Exchange of India Limited and Bombay Stock Exchange Limited.
The SGBs will be restricted for sale to resident individuals, HUFs, Trusts, Universities and Charitable Institutions.
The SGBs will be denominated in multiples of gram(s) of gold with a basic unit of one gram.
The tenor of the SGB 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.
