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Reserve Bank of India (RBI) announced redemption price for the premature redemption of Sovereign Gold Bonds (SGBs), which was due on February 8, 2022.
What are SGBs?
SGBs are government securities, which are denominated in grams of gold. They are substitutes for physical gold. Investors are required to pay the issue price in cash and bonds are redeemed in cash after maturity. The Bond is issued by RBI, on behalf of Government of India. As per government’s notification, redemption may be permitted after fifth year from the date of issue of SGBs, on the date on which interest is payable. In January 2016, government issued second tranche of government’s gold bond scheme.
When was the scheme launched?
The Gold Bond Scheme was launched in November 2015. First tranche of sovereign gold bonds was available for purchase in November, 2015.
How redemption price is set?
The redemption price of SGB is set on the basis of simple average closing gold price of 999 purity, of the week preceding the date of redemption.
About Sovereign gold bonds
Sovereign gold bonds are government securities. They are denominated in grams of gold.
By: Brijesh Kumar ProfileResourcesReport error
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