New Delhi: The Sovereign Gold Bond 2016 Collection II, is due for redemption on 28 March 2024, as per Reserve Financial institution of India (RBI) round.
“When it comes to GOI Notification F.No.4(19) – W&M/2014 dated March 04, 2016 (SGB 2016 Collection II – Difficulty date March 29, 2016) on Sovereign Gold Bond Scheme, the Gold Bond shall be repayable on the expiration of eight years from the date of the difficulty of the Gold Bonds. Accordingly, the ultimate redemption date of the above tranche shall be March 28, 2024 (March 29, 2024 being a vacation),” RBI had stated in a launch.
The redemption worth of SGB shall be primarily based on the easy common of closing worth of gold of 999 purity of the week (Monday-Friday), previous the date of redemption, as revealed by the India Bullion and Jewellers Affiliation Ltd (IBJA), stated the RBI.
“Accordingly, the redemption worth for the ultimate redemption due on March 28, 2024 (March 29, 2024 being a vacation) shall be ₹6601/- (Rupees Six thousand 600 and One solely) per unit of SGB primarily based on the easy common of closing worth of gold for the week March 18-22, 2024,” the central financial institution added.
The primary tranche of Sovereign Gold Bond (SGB), initiated in 2015 was out there for redemption on on November 30, 2023.
What’s Sovereign Gold Bond Scheme?
Sovereign Gold Bond Scheme are authorities securities denominated in grams of gold. They’re substitutes for holding bodily gold. Traders should pay the difficulty worth in money and the bonds will likely be redeemed in money on maturity. The Bond is issued by Reserve Financial institution on behalf of Authorities of India.
How Is Sovereign Gold Bond Scheme being offered?
The bonds will likely be offered via scheduled industrial banks (besides Small Finance Banks and Cost Banks), Inventory Holding Company of India Restricted (SHCIL), designated put up workplaces, and recognised inventory exchanges viz., Nationwide Inventory Alternate of India Restricted and Bombay Inventory Alternate Restricted.
Who can purchase Sovereign Gold Bond Scheme?
The Bonds will likely be restricted on the market to resident people, HUFs, Trusts, Universities and Charitable Establishments.
