Gold Bonds 2022-23 First Tranche To Open For Subscription On June 20

The first tranche of Sovereign Gold Bond (SGB) for 2022-23 will open for subscription for five days from June 20, the Reserve Bank of India said on Thursday..The RBI further said that the second tranche (2022-23 Series II) will be available for subscription during August 22-26, 2022..The central bank issues the bonds on behalf of the Government of India, and these bonds are restricted for sale to resident individuals, Hindu Undivided Families (HUFs), trusts, universities and charitable institutions.."The tenor of the SGB will be for a period of eight years with an option of premature redemption after 5th year to be exercised on the date on which interest is payable," the RBI said, and added, minimum permissible investment will be one gram of gold..In 2021-22, SGBs were issued in 10 tranches for an aggregate amount of Rs 12,991 crore (27 tonnes)..The maximum limit of subscription is 4 Kg for individuals, 4 Kg for HUFs and 20 Kg for trusts and similar entities per fiscal year..The RBI further said the price of SGB will be fixed in rupees on the basis of a simple average of the closing price of gold of 999 purity, published by the India Bullion and Jewellers Association Limited (IBJA) for the last three working days of the week preceding the subscription period..The issue price of the SGBs will be less by Rs 50 per gram for the investors who subscribe online and pay through digital mode.."The investors will be compensated at a fixed rate of 2.5 per cent per annum payable semi-annually on the nominal value," the central bank said..The SGBs are sold through banks, Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), post offices and the two 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. .(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Gold Bonds 2022-23 First Tranche To Open For Subscription On June 20

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