RESERVE BANK OF INDIA SOVEREIGN GOLD BONDS SCHEME 2016-17-Series II to open on September 01, 2016
Government of India has announced that the Sovereign Gold Bonds 2016 – Series II (“the Bonds”)
will be open for subscription from September 01, 2016 to September 09, 2016. ....
Salient features from Reserve Bank of India Notification:
- The Bonds shall be issued in the form of Government of India Stock
- The investors will be issued a Holding Certificate (Form C).
- The Bonds shall be eligible for conversion into de-mat form.
- The Bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram.
- Minimum permissible investment will be 1 grams of gold.
- The issue price of the Sovereign Gold Bond has been fixed at Rs.3150/-per gram of gold.
- The Bonds shall bear interest at the rate of 2.75 percent (fixed rate) per annum
- Bonds can be used as collateral for loans. ...
- The Bonds can be transferred by execution of an instrument of transfer.
- Bonds will be tradable on stock exchanges/NDS-OM from a date to be notified by RBI....
- Redemption:
- i) The Bonds shall be repayable on the expiration of eight years from September 23, 2016.
- Pre-mature redemption of the Bond is permitted from fifth year of the date of issue on the interest payment dates.
- The redemption price shall be fixed in Indian Rupees on the basis of the previous week’s (Monday – Friday)
simple average closing price for gold of 999 purity, published by IBJA.
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