Last Updated: March 27, 2024, 15:38 IST
RBI publicizes the issuance of SGB tranches each monetary 12 months
RBI has issued a notification stating concerning the remaining redemption date of some Sovereign Gold Bond (SGB) Schemes.
The Reserve Bank of India (RBI) has issued a notification in regards to the remaining redemption below the Sovereign Gold Bond (SGB) Scheme. In its press launch issued on 22 March 2022, the central financial institution introduced the tentative date of SGB’s monetary redemption in 2024. The RBI publicizes the issuance of SGB tranches each monetary 12 months, together with the problem dates and redemption dates. Generally, whereas the tenor is eight years for SGBSs, untimely redemption of the gold bonds is just permitted after 5 years from the date of concern of such bonds.
For the 12 months 2024, two Sovereign Gold Bond schemes, beforehand launched in 2016, have come up for remaining redemption.
SGBs up for remaining redemption in 2024
SGB 2016 Series I matured on 8 February 2024 after its 8-12 months bond interval. While the problem value on the time of its launch was Rs 2,600 per gram, the ultimate redemption quantity stands at Rs 6,271 per SGB unit.
On the opposite hand, the SGB 2016 Series II scheme, which was issued on 29 March 2016, shall be repayable on the expiration of eight years from the date of the problem, which is alleged to be 28 March 2024.
“Accordingly, the final redemption date of the above tranche shall be March 28, 2024 (March 29, 2024 being a holiday),” the notification reads.
Noting that the redemption value of SGB shall be primarily based on the easy common of the closing value of gold of 999 purity of the week (Monday-Friday), previous the date of redemption, as printed by the India Bullion and Jewellers Association Ltd (IBJA), RBI additional states, “The redemption price for the final redemption due on March 28, 2024 (March 29, 2024 being a holiday) shall be Rs 6601 per unit of SGB based on the simple average of closing price of gold for the week March 18-22, 2024.”
Other SGBs to go for remaining redemption
Sovereign Gold Bond 2016-17 – Series I and 2016–17—Series II will go for remaining redemption later this 12 months. Series I which was issued at a value of Rs 3,119 on 5 August 2016 will tentatively go for remaining redemption within the first week of August 2024.
Similarly, bonds in Series II have been launched on 30 September 2016 at a difficulty value of Rs 3,150. Its tentative redemption date is anticipated within the final week of September 2024.
