1. Sovereign Gold Bond Scheme rate revealed; Issue price fixed at Rs 2,971; discount available, see how you benefit

Sovereign Gold Bond Scheme rate revealed; Issue price fixed at Rs 2,971; discount available, see how you benefit

The issue price of the Series III of Sovereign Gold Bond Scheme 2017-18 for the next subscription period, i.e. October 23-25, 2017, would be Rs 2,971 per gram, the government has announced.

By: | Published: October 22, 2017 12:25 PM
gold, gold bonds, soverign gold bonds, gold rates, gold prices, india futures, india money, india bullion, gold jwellery, gold news The government in consultation with the Reserve Bank of India has also decided to allow discount of Rs 50 per gram from the issue price to those investors who apply online and the payment is made through the digital mode. (Reuters)

Sovereign Gold Bond Scheme rate: The issue price of the Series III of Sovereign Gold Bond Scheme 2017-18 for the next subscription period, i.e. October 23-25, 2017, would be Rs 2,971 per gram, the government has announced. The government in consultation with the Reserve Bank of India has also decided to allow discount of Rs 50 per gram from the issue price to those investors who apply online and the payment is made through the digital mode.

It may be noted that the Government of India, in consultation with the Reserve Bank of India, had recently floated Sovereign Gold Bonds 2017-18 Series III, for the period from October 09, 2017 to December 27, 2017 (with subscription period Monday to Wednesday every week). The bonds will be issued on the succeeding Monday after each subscription period. “For the next subscription period i.e. October 23-25, 2017, the issue price shall be Rs 2,971 (rupees two thousand nine hundred seventy one only) per gram with Settlement on October 30, 2017,” the government said in a press release.

You also need to know that the bonds will be restricted for sale to resident Indian entities, including individuals, HUFs, trusts, universities and charitable institutions. The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram. The tenor will be for a period of 8 years with exit option from the 5th year to be exercised on the interest payment dates. The minimum permissible investment limit will be 1 gram of gold, while the maximum limit will be 4 kg for individual, 4 kg for HUF and 20 kg for trusts and similar entities per fiscal (April-March) notified by the government from time to time. A self-declaration to this effect will be obtained. The annual ceiling will include bonds subscribed under different tranches during initial issuance by the government and those purchase from the secondary market. In case of joint holding, the investment limit of 4 kg will be applied to the first applicant only.

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