Reserve Bank: Sovereign Gold Bonds Scheme 2022-23
The Reserve Bank of India announced on 15. That the next tranche of Sovereign Gold Bonds’ 2022-23 Series III will be issued from December 19-23, 2022.
On behalf of the government of India. The date for the issuance of the SGB has been set for December 27, 2022.
The minimum permissible investment will be one gramme of gold, with a maximum subscription limit of four kilogrammes for individuals. Four kilogrammes for HUFs, and twenty kilogrammes for trusts and similar entities per fiscal year (April-March).
Reserve Bank of India announced that the next tranche of SGBs 2022-23 Series IV – will be issued from March 6 to 10, 2023. The SGBs are scheduled to be issued on March 14, 2023. also read:The Story Of The World’s Loneliest House
The price of SGB will be fixed in Indian Rupees on the basis of the simple average of closing price of gold of 999 purity. Published by the India Bullion and Jewellers Association Limited (IBJA) for the last three working days of the week preceding the subscription period.
The issue price of the SGBs will be reduced by $50 per gramme for investors who subscribe online and pay in digital mode, the company added.
Payment for the SGBs will be through cash payment (upto a maximum of ₹20,000) or demand draught or cheque or electronic banking.
SGBs will be sold either directly or through agents through scheduled commercial banks (except SFB, payment banks, and regional rural banks). Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices, and recognised stock exchanges. Namely NSE of India Limited and BSE Limited.
Rate of interest:
According to the central bank, investors will be compensated at a fixed rate of 2.50 percent per year. Payable semi-annually on the nominal value.
The RBI stated in its circular that SGBs can be used as collateral for loans. It will be eligible for trading, and the KYC requirements will be the same as for physical gold purchases. The interest on SGBs is taxable under the provisions of the Income Tax Act of 1961. (43 of 1961).