The Government of India, in consultation withthe Reserve Bank of India, has decided to issue Sovereign Gold Bonds. The Sovereign Gold Bonds will be issued in six tranches from October 2020 to March 2021as per the calendar specified below:
Date of Subscription
Date of Issuance
2020-21 Series VII
October 12 - 16, 2020
October 20, 2020
2020-21 Series VIII
November 09 - 13, 2020
November 18, 2020
2020-21 Series IX
December 28 2020 - January 01, 2021
January 05, 2021
2020-21 Series X
January 11-15, 2021
January 19, 2021
2020-21 Series XI
February 01- 05, 2021
February 09, 2021
2020-21 Series XII
March 01- 05, 2021
March 09, 2021
The Bonds will be sold through Scheduled Commercial banks(except Small Finance Banks and Payment 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 Limited.The features of the Bond are as under:
Sovereign Gold Bond 2020-21
To be issued by Reserve Bank of India on behalf of the Government of India.
The Bonds will be restricted for sale to resident individuals, HUFs, Trusts, Universities and Charitable Institutions.
The Bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram.
The tenor of the Bond will be for a period of 8 years with exit option after5thyear to be exercised on the next interest payment dates.
Minimum permissible investment will be 1 gram of gold.
The maximum limit of subscription shall be 4 KG forindividual, 4 Kg for HUF and 20 Kg for trusts andsimilarentities per fiscal (April-March) notified by the Governmentfrom time to time. A self-declaration to this effect will beobtained. The annual ceiling will include bondssubscribed under different tranches during initial issuanceby Government and those purchased from the SecondaryMarket.
In case of joint holding, the investment limit of 4 KG will be applied to the first applicant only.
Price of Bond will be fixed in Indian Rupees 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 working days of the week preceding the subscription period. The issue price of the Gold Bonds will be `50 per gram less for those who subscribe online and pay through digital mode.
Payment for the Bonds will be through cash payment (up to a maximum of `20,000) or demand draft or cheque or electronic banking.
The Gold Bonds will be issued as Government of India Stock under GS Act, 2006. The investors will be issued a Holding Certificate for the same. The Bonds are eligible for conversion into demat form.
The redemption price will be in Indian Rupees based on simple average of closing price of gold of 999 purity, of previous 3 working days published by IBJA Ltd.
Bonds will be sold through Commercial banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices (as may be notified) and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange, either directly or through agents.
The investors will be compensated at a fixed rate of 2.50 percent per annum payable semi-annually on the nominal value.
Bonds can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time.
Know-your-customer (KYC) norms will be the same as that for purchase of physical gold. KYC documents such as Voter ID, Aadhaar card/PAN or TAN /Passport will be required. Every application must be accompanied by the ‘PAN Number’ issued by the Income Tax Department to individuals and other entities.
The interest on Gold Bonds shall be taxable as per the provision of Income Tax Act, 1961 (43 of 1961). The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long term capital gains arising to any person on transfer of bond.
Bonds will be tradable on stock exchanges.
Bonds acquired by the banks through the process of invoking lien/hypothecation/pledge alone, shall be counted towards Statutory Liquidity Ratio.
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.
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