Finance
By: Shree1news, 14 MAY 2021In terms of Government of India Notification No.4(5)-B(W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series I) will be opened for the period May 17-21, 2021 with Settlement date May 25, 2021. The issue price of the Bond during the subscription period shall be Rs 4,777 (Rupees Four thousand seven hundred Seventy seven only) – per gram, as also published by RBI in their Press Release dated May 14, 2021.
TheGovernment of India in consultation with the Reserve Bank of India has decided to allow discount of Rs 50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through digital mode. For such investors the issue price of Gold Bond will be Rs 4,727 (Rupees Four thousand Seven hundred twenty seven only) per gram of gold.
“The nominal value of the bond based on the simple average closing price for gold of 999 purity of the last three business days of the week preceding the subscription period…works out to Rs 4,777 per gram of gold,” the RBI stated.
The government, in consultation with the RBI, has determined to offer a discount of Rs 50 per gram less than the nominal value to those investors making use of online and the fee in opposition to the applying is made by digital mode.
“For such investors, the issue price of gold bond shall be Rs 4,727 per gram of gold,” the RBI stated.
021-22 Series-I or first tranche will be open for subscription from May 17, 2021 to May 21, 2021, and bonds shall be issued on May 25.
The government, in session with the RBI, has determined to offer a discount of Rs 50 per gram less than the nominal worth to those investors making use of online and the payment in opposition to the application is made by digital mode.
“For such investors, the issue price of gold bond will be Rs 4,727 per gram of gold,” the RBI mentioned.
The Sovereign Gold Bond Scheme 2021-22 Series-I or first tranche shall be open for subscription from Could 17, 2021 to May 21, 2021, and bonds shall be issued on May 25.
The bonds will be sold by banks (except Small Finance Banks and Payment Banks), Stock Holding Corporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges viz., National Stock Change of India Limited and Bombay Stock Exchange Limited.
Price of bond is fixed in Indian rupees on the basis of straightforward common of closing worth of gold of 999 purity, revealed by the India Bullion and Jewellers Affiliation Restricted for the final three working days of the week previous the subscription interval.
The bonds shall be denominated in multiples of gram(s) of gold with a basic unit of 1 gram. The tenor of the bond shall be for a period of 8 years with exit option after fifth year to be exercised on the next interest payment dates.
Minimal permissible investment is 1 gram of gold. The utmost limit of subscription is 4 kg for individual, Four kg for HUF and 20 Kg for trusts and comparable entities per fiscal (April-March).
The Know-your-customer (KYC) norms will be the same as that for purchase of physical gold.
The scheme was launched in November 2015 with an goal to reduce the demand for physical gold and shift part of the home savings — used for the acquisition of gold — into financial savings.
Source:PIB, A-N
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