Latest News on Gold Sovereign Bonds: Series VI – Price Rs 4,682 per gram – Buy online at Rs 50 DISCOUNT; know the date of issue; ADVANTAGES – Sovereign Guarantees, tax advantages
Latest News on Gold Sovereign Bonds – An incredible opportunity to buy gold ahead of the holiday season. The Sovereign Gold Bond (SGB) Series VI will be open for purchase from Monday. Investors can buy gold at just Rs 4,682 per 1 gram of gold. This is the price of 1 gram of Gold via the online mode. The Reserve Bank of India (RBI) offers SGB with a discount of Rs 50 if purchased through online modes.
Subscription is open until September 3 and the issue date is September 7.
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The government announced six tranches of SGB Series in May 2021. This is the last opportunity to buy gold at a discount with sovereign guarantees.
The face value of the bond based on the simple average closing price (published by the India Bullion and Jewelers Association Ltd (IBJA)) for gold of purity 999 for the last three business days of the week preceding the subscription period – August 25, August 26 and August 27, 2021 amounts to Rs 4,732 per gram of gold.
Five slices of GBS have already been sold.
Sovereign Gold Bonds are issued by the Reserve Bank of India (RBI) on behalf of the government.
SGBs are government securities denominated in grams of gold and replace the holding of physical gold. Investors must pay the issue price in cash and the bonds will be redeemed in cash at maturity. The bond is issued by the Reserve Bank on behalf of the Indian government.
Payment of the Bonds will be made in cash (up to a maximum of Rs 20,000) or by sight draft or by check or by electronic bank. The issue price of gold bonds will be Rs 50 per gram less for those who subscribe online and pay digitally.
The Bonds will be denominated in multiples of gram (s) of gold with a base unit of 1 gram. The term of the Bond will be 8 years with an exit option after the 5th year to be exercised on the interest payment dates.
SGBs are restricted to sale to resident individuals, HUFs, trusts, universities, and charities. The minimum authorized investment is 1 gram of gold while the maximum subscription limit is 4 kg for individuals, 4 kg for HUFs and 20 kg for trusts and similar entities per fiscal year (April-March) notified by government from time to time.