The Finance Ministry today announced the fifth tranche of sovereign gold bonds, taking forward the initiative introduced by the Narendra Modi government to reduce the demand for physical gold in India.
The Government of India, in consultation with the RBI, has decided to issue Fifth Tranche of Sovereign Gold Bonds.
The bonds will be sold through banks, Stock Holding Corporation of India Ltd., designated post offices and the NSE and the BSE, the Finance Ministry said on its official Twitter handle.
Applications for these bonds will be accepted from September 1 to September 9, and the bonds will be issued on September 23.
The government announced the Sovereign Gold Bond scheme in October last year, and issued three tranches in financial year 2015-16. The government raised Rs 919 crore from the fourth tranche, which was open from July 18 to July 22.
The minimum investment in the bond is 1 gram, and the maximum is capped at 500 grams, according to the Finance Ministry's website. The tenor of the bond is a minimum of eight years, with the option to exit in the fifth, sixth and seventh years.
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