World news – IN – Sovereign Gold Bond scheme 2020-21 series VIII: Gold bond issue price fixed at Rs 5,177 per gmen

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The issue price for the bonds (Series VII), which was open for subscription from October 12-16, was Rs 5,051 per gram of gold

MUMBAI: The issue price for the Sovereign Gold Bond has been fixed at Rs 5,177 per gram of gold, the Reserve Bank of India said in a statement on Friday (November 7) The Sovereign Gold Bond Scheme 2020-21-Series VIII will be opened for subscription from November 9-13, 2020

« The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity Works out to Rs 5,177 per gram of gold, » the RBI said

It further said the government, in consultation with the RBI, has decided to offer a discount of Rs 50 per gram less than the nominal value to those investors applying online and the payment against the application is made through digital mode « For such investors, the issue price of Gold Bond will be Rs 5,127 per gram of gold, » the central bank said

The issue price for the bonds (Series VII), which was open for subscription from October 12-16, was Rs 5,051 per gram of gold

Sovereign Gold Bond 2020-21 is issued by Reserve Bank India on behalf of the government of India

The bonds are denominated in multiples of gram(s) of gold with a basic unit of 1 gram and the tenor of the SGB will be eight years with exit option after the fifth year to be exercised on the interest payment dates

The minimum permissible investment will be 1 gram of gold and 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 (April-March)

The gold bond will be sold through banks (except Small Finance Banks and Payment Banks), Stock Holding Corporation of India (SHCIL), designated post offices, and recognised stock exchanges (NSE and BSE)

The sovereign gold bond 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 gold — into financial savings

As per the RBI Annual Report 2019-20, a total of Rs 9,65278 crore (3098 tonnes) has been raised through the Sovereign Gold Bonds Scheme (37 tranches) since its inception in November 2015 The RBI issued 10 tranches of Sovereign Gold Bonds (SGBs) for an aggregate amount of Rs 2,31637 crore (613 tonnes) during 2019-20

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Gold, Bond, Sovereign, Reserve Bank of India, Indian rupee, Finance, Dhanteras, India

World news – IN – Sovereign Gold Bond scheme 2020-21 series VIII: Gold bond issue price fixed at Rs 5,177 per gm
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SOURCE: https://www.w24news.com

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