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Sovereign Gold Bonds: RBI Shifts Issue Date By A Week

With over two lakh applications for the Sovereign Gold Bond, the Reserve Bank of India has shifted the issue date by a week to September 30 for “smooth” uploading of the subscriptions in its ‘E-Kuber’ system.

  • According to Finance Ministry, the amount realised through the fifth tranche of the Sovereign Gold Bond scheme is expected to cross Rs 820 crore. This was mobilised through over 2 lakh applications representing around 2.37 tonnes of gold.
  • The total subscription in first four tranches was Rs 2,239 crore corresponding to 7.85 tonnes of gold.

About Sovereign Gold Bond Scheme:
Under the scheme, gold bonds are issued in denominations of 5 grams, 10 grams, 50 grams and 100 grams for a term of 5-7 years with a rate of interest to be calculated on the value of the metal at the time of investment. The scheme has an annual cap of 500 grams per person.
  • The bonds will be sold through banks, Stock Holding Corporation of India Limited and designated post offices.
  • As per the scheme, the gold bonds will be sold only to resident Indian entities including individuals, Hindu undivided families, trusts, universities, and charitable institutions.
  • The bond tenure will be eight years with exit option beginning the fifth year onwards. They will also be tradable in the bourses.
  • Bonds can also be used as collateral for loans.
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