RBI to issue Series-III Sovereign Gold Bond

India Infoline News Service | Mumbai | October 08, 2017 08:20 IST

Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds 2017-18, Series-III.

Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds 2017-18, Series-III. Applications for the bond will be accepted from October 9, 2017 to December 27, 2017. The bonds will be issued on the succeeding Monday after each subscription period.

The bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange. 

The bonds will be restricted for sale to resident Indian entities including individuals, HUFs, Trusts, Universities and Charitable Institutions. The bonds will be denominated in multiples of grams of gold with a basic unit of 1 gram.

The maximum limit of subscribed shall be 4 kg for individual, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal (April-March) notified by the Government from time to time. The maximum limit of subscribed shall be 4 kg for individual, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal (April-March) notified by the government from time to time.

The price of the bond will be fixed in rupees terms on the basis of simple average of closing price of gold of 999 purity published by the India Bullion and Jewellers Association Limited for the last 3 business days of the week preceding the subscription period. The issue price of the Gold Bonds will be Rs 50 per gram less for those who subscribe online and pay through digital mode.

Commission for distribution of the bond shall be paid at the rate of 1% of the total subscription received by  the receiving offices and receiving offices shall share at least 50% of the commission so received with the agents or sub agents for the business procured through them. 

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

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