RBI Announces Rs 12,801 Per Unit As Redemption Prices For Sovereign Gold Bonds
The scheme was launched to deter India's residents from investing in physical gold. India is among the largest gold importers in the world.
The Reserve Bank of India (RBI) on Wednesday announced that the redemption price for two series of sovereign gold bonds (SGB) will be Rs 12,801 per unit.
Unit holders of SGB 2017-18 Series-XI issued on Dec. 11, 2017, are expected receive Rs 12,801 per unit as the final redemption price, according to an official statement.
The unit holders had invested at Rs 2,954 per unit of the SGB at the time of redemption, and have made an interest of 2.5% per year on the amount they invested.
The scheme was launched to deter India's residents from investing in physical gold. India is among the largest gold importers in the world. The rally in gold prices across the past few months led to reports of the substantial gains which investors could stand to make.
The RBI also announced the same price per unit of Rs 12,801 as Price for premature redemption of 2019-20 Series I due on December 11, 2025.
The prices are based on simple average of closing price of gold of 999 purity of previous three working days from the date of redemption, as published by the India Bullion and Jewellers Association Ltd (IBJA), the RBI said.
Accordingly, the price has been arrived at on the basis of the closing price of the precious metal from Monday to Wednesday, it said.
(With PTI Inputs.)
