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Govt to launch sovereign gold bond scheme on Oct 9

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The government on Friday announced the issue of Sovereign Gold Bonds 2017-18 series-III, first time after the liberalisation of SGB schemes in July 2017. While the 2.5 per cent interest rate was retained, the pricing formula was re-aligned with the market price and the bonds’ tenure was expanded, as against the previously followed practice.


Even the investment limit per individual has been increased to 4 kg from 500 grams. For members of the Hindu Undivided Family (HUF), the limit was fixed at 4 kg, while for trusts and similar entities a cap of 20 kgs was set for each financial year.

A discount of Rs 50 would be exclusively offered to online/ digital investors.

Since the price formula for bonds has been changed to 3, from an erstwhile average of 5 days based on the IBJA price for gold of 999 purity, the net bond price comes to Rs 2,956 per gram. However, a discount of Rs 50 that was earlier available to all bond investors has now been restricted.

“The issue price of the gold bonds will be 50 per gram less for those who subscribe online and pay through the digital mode,” said the government note. This means that applicants who physically fill up forms and invest in banks will not be entitled to avail the discount.
New bonds issue will be opening on Monday (October 9) and will continue till December 27, this year, according to the government release.


Yesterday late night RBI clarified that “the sovereign gold bond scheme will be open for subscription from Monday to Wednesday every week starting from October 09, 2017 until December 27, 2017. The settlement will be made on the first business day of the next week for the applications received during a given week.”
Usually, the RBI announces prices a day before the bond issue opens. As per formula, Monday bonds issue may be priced at Rs 2,956 per gram and those investing digitally will get bonds at Rs 2,906 per gram.

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