Sovereign Gold Bond scheme 2019: Price fixed at Rs 3,196 per gram; Do this for discount
Sovereign Gold Bond Scheme 2019: The government, in consultation with the Reserve Bank of India, has announced the new series of Sovereign Gold Bonds (SGBs).
Sovereign Gold Bond Scheme 2019: The government, in consultation with the Reserve Bank of India, has announced the new series of Sovereign Gold Bonds (SGBs). For the new series of SGBs opening Monday, the government has fixed the price at Rs 3,196 per gram. The investors who apply online and the payment is made through digital mode will be given a discount of Rs 50 per gram. So, if you want to get a discount, make payment through online mode.
RBI in a statement on May 31, 2019, said that the Sovereign Gold Bond Scheme 2019-20 (Series I) will be opened for subscription for the period from June 3 to June 7, 2019. The Settlement date for this has been set as June 11, 2019.
"Government of India in consultation with the Reserve Bank of India has decided to allow discount of Rs. 50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through digital mode. For such investors the issue price of Gold Bond will be `3,146 (Rupees Three Thousand One Hundred Forty Six only) per gram of gold," the statement said. The apex bank has issued the calender of SGB issuance for the first half of the current financial year.
"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. A self-declaration to this effect will be obtained. The annual ceiling will include bonds subscribed under different tranches during initial issuance by the government and those purchased from the Secondary Market," it said.
The sovereign gold bond scheme was launched in 2015 with the objective to reduce the demand for physical gold. Broadly a part of the domestic savings that used for the purchase of gold to shift into financial savings.