Subscription for first tranch of sovereign gold bond scheme opened right this moment
The first tranche of Sovereign Gold Bonds 2021-22 opened for subscription on Monday. These will probably be issued in six tranches from May 2021 to September 2021, in accordance with a press release 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 will probably be from May 17-21, the bonds will probably 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 easy common closing worth 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 identical time has been set at 4 kg.
The gold bonds will probably be bought by way of the scheduled industrial banks, apart from the small finance banks and fee banks, designated put up places of work, recognised inventory exchanges comparable to 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.
