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Mumbai: The issue price for the sovereign gold bond has been fixed at ₹5,334 per gram, the RBI stated in a press release on Friday.
The Sovereign Gold Bond Scheme 2020-21-Series V can be opened for subscription from August 3-7, 2020.
The issue price for the bonds (collection IV) that had been open for subscription from July 6-10 was ₹4,852 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 ₹5,334 per gram of gold,” the RBI stated.
It additional stated the federal government, in session with the RBI, has determined to supply a reduction of ₹50 per gram lower than the nominal worth to these buyers making use of on-line and the cost towards the applying is made via digital mode.
“For such investors, the issue price of gold bond will be ₹5,284 per gram of gold,” the central financial institution stated.
The central financial institution in April had introduced the federal government will issue Sovereign Gold Bonds (SGBs) in six tranches starting April 20 until September.
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 primary unit of 1 gram and the tenor of the SGB can be eight years with exit choice after fifth yr to be exercised on the curiosity cost dates.
The bonds are restricted on the market to resident people, Hindu Undivided Families (HUFs), trusts, universities and charitable establishments.
The minimal permissible funding can be 1 gram of gold and the utmost restrict of subscription shall be Four kg for particular person, Four kg for HUF and 20 kg for trusts and comparable entities per fiscal (April-March).
The gold bond can be offered via banks (besides small finance banks and cost banks), Stock Holding Corporation of India (SHCIL), designated put up places of work, and recognised inventory exchanges (NSE and BSE).
The sovereign gold bond scheme was launched in November 2015 with an goal to scale back the demand for bodily gold and shift part of the home financial savings – used for the acquisition of gold – into monetary financial savings.
This story has been printed from a wire company feed with out modifications to the textual content. Only the headline has been modified.
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