The Government has notified Sovereign Gold Bond Scheme 2021-22. The Sovereign Gold Bonds will be issued in 4 tranches from November 2021 to March 2022.
The Gold Bonds under this Scheme may be held by a Trust, Hindu Undivided Family (H.U.F.), Charitable Institution, University or by a individual person resident in India.
The bonds will be issued in denominations of one gram of gold or multiples thereof. The minimum limit of subscription for the Bonds issued shall be one gram, and the maximum limit of subscription per fiscal year shall be of 4 kg for individuals, 4 kg for HUF, and 20 kg for trusts and similar entities notified by the Government from time to time.
They will be sold through Scheduled Commercial banks, designated Post Offices, Stock Holding Corporation of India Ltd. (SHCIL), the authorized stock exchanges, and Clearing Corporation of India Limited (CCIL) or any other entity as may be approved by RBI.
For such investors, the issue price of Gold Bond will be ₹4,715 per gram of gold,” the RBI said.
In terms of Government of India Notification No.4(5)-B(W&M)/2021 dated October 21, 2021, Gold Bonds 2021-22 (Series VII) will be opened for subscription during the period October 25-29, 2021 with Settlement date November 02, 2021.
The issue price of the Bond during the subscription period shall be ₹4,765. (Rupees Four thousand Seven hundred sixty five only) – per gram, as also published by RBI in their Press Release dated October 22, 2021.
Government of India in consultation with the Reserve Bank of India has decided to allow discount of `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 ₹4,715 (Rupees Four thousand seven hundred fifteen only) per gram of gold.
The bonds are sold through banks (except small finance banks and payment banks), Stock Holding Corporation of India Limited. (SHCIL), designated also post offices, and recognised stock exchanges National Stock Exchange of India Limited and BSE.
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A total of ₹25,702 crore has been raised through the SGB Scheme since its inception till end-March, 2021. The Reserve Bank had issued 12 tranches of SGB for an aggregate amount of. ₹16,049 crore (32.35 tonnes) during 2020-21.
The scheme was launched in November 2015 with an objective to reduce the demand for physical. Gold and shift a part of the. Domestic savings used for the purchase of the yellow metal into financial savings.
Price of bond is fixed in Indian rupees on the basis of simple average of closing price of gold of. 999 purity, published by the India Bullion and also Jewellers Association. Limited for the last three working days of the. Week preceding the subscription period.
The bonds are denominated in multiples of gram (s) of gold with a basic unit of 1 gram. The tenor of the bond is for a period of 8 years with exit also option after. 5th year to be exercised on the next interest payment dates.
Minimum permissible investment is 1 gram of gold. The maximum limit of also subscription is 4 kg for individuals, 4 kg for. HUFs and 20 kg for trusts and similar entities per fiscal (April-March).
The know-your-customer (KYC) norms are the same as that for purchase of also physical gold.