The first tranche of Sovereign Gold Bonds 2021-22 opened for subscription on Monday. These might be issued in six tranches from May 2021 to September 2021, in keeping with an announcement issued by the Finance Ministry.
The situation comes at a time when gold costs are rising after dropping sharply within the final couple of months.
While the subscription interval for 2021-22 Series I might be from May 17-21, the bonds might be issued on May 25.
Let’s discover out what the Centrally-run scheme is all about:
- The Reserve Bank of India (RBI) will situation the bonds on behalf of the Government of India.
- The nominal worth of the bond primarily based on the straightforward common closing value for gold of 999 purity of the final three enterprise days of the week previous the subscription interval, involves round Rs 4,777 per gram of gold.
- Minimum subscription restrict for a person has been set at one gram.
- Maximum subscription restrict for a person on the similar time has been set at Four kg.
The gold bonds might be offered via the scheduled business banks, apart from the small finance banks and cost banks, designated publish places of work, recognised inventory exchanges reminiscent of Bombay Stock Exchange Limited and National Stock Exchange of India, and Stock Holding Corporation of India Limited.
The sovereign gold bond scheme was launched in November 2015 to cut back the demand for bodily gold and shift part of the home financial savings – used for the acquisition of gold – into monetary financial savings.