Centre has launched its new issue of the Sovereign Gold Bonds for the months of December and February, and here is all you need to know.
The central government has announced the issuance of the new Sovereign Gold Bonds, offering a new investment opportunity to all. The Sovereign Gold Bonds Scheme 2023-2024 has been launched in two tranches - December 2023 and February 2024.
The new SGP Series III subscription has been scheduled for December while Series IV is set to be issued in February 2024. Launched in 2015, the main aim of the sovereign gold bonds scheme is to reduce the need of physical gold as an investment and promote financial savings among all sections of society.
Once issued, these bonds will be sold through scheduled commercial banks, Stock Holding Corporation of India (SHCIL), Clearing Corporation of India (CCIL). They will also be available for sale in select post offices and stock exchanges.
Here is all you need to know about Sovereign Gold Bonds scheme 2023-24
The dates for the two issues of the SGB scheme by Centre are - December 18-22 for Series III and February 12-16 for Series IV. Only resident individuals, HUFs, Trusts, Universities, and Charitable Institutions will be allowed to buy these bonds.
The denomination of the gold bonds will be in gram(s), and the basic unit will be one gram. The overall tenure of the bond will be 8 years, with the option of premature redemption after the 5th year.
The minimum investment for each entity will be one gram. Meanwhile, the maximum subscription limit will be 4 kg for individuals, 4 kg for HUF, and 20 kg for trusts and similar entities.
Those who wish to subscribe for the Sovereign Gold Bond (SGB) scheme will be able to make the payment through cheque, demand draft, electronic banking and cash (up to ₹20,000). The issue price of the same will be set by BJA (India Bullion and Jewellers Association) in the week the issue is set to open.
The interest rate for the gold bonds will be fixed at 2.5 percent per annum, which will be paid semi-annually. This interest will also be taxable as per the IT Act of 1961. These gold bonds can also be used as collateral for a loan.
Centre's new Sovereign Gold Bonds issue for December, February: 5 facts - Hindustan Times
Read More
No comments:
Post a Comment