RBI defers issue date of Sovereign Gold Bonds to Nov 30

By: |
New Delhi | November 25, 2015 9:54 AM

The Reserve Bank has shifted the issue date of Sovereign Gold Bond by four days to November 30 to enable their smooth uploading into RBI's e-Kuber system.

gold bondGold bond scheme: RBI further said that as the settlement date has now been shifted to November 30, the interest at prevailing savings bank rate shall be paid from the date of realisation of payment to the new settlement. (Photo: Reuters)

In view of large number of applications, the Reserve Bank on Tuesday shifted the issue date of Sovereign Gold Bond by four days to November 30 to enable their smooth uploading into RBI’s e-Kuber system.

“Large number of applications has been received by banks and post offices. To enable smooth uploading of applications into RBI’s e-Kuber system, particularly by the post offices, it has since been decided to shift the issue date of the Sovereign Gold Bond from November 26, 2015 to November 30, 2015,” the central bank said in a statement.

The first tranche of the bonds was open for subscription from November 5 to November 20, 2015. The bonds were to be issued on November 26.

RBI further said that as the settlement date has now been shifted to November 30, the interest at prevailing savings bank rate “shall be paid” from the date of realisation of payment to the new settlement.

As per the operational guidelines regarding the bonds, the applicants will be paid interest at prevailing savings bank rate from the date of realisation of payment to the settlement date (period for which they are out of funds).

The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram. The tenor of the bond will be for a period of 8 years with exit option from 5th year.

Investors will be compensated at a fixed rate of 2.75 per cent per annum payable semi-annually on the initial value of investment.

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