The Reserve Financial institution of India (RBI) has introduced the redemption value for the untimely redemption of Sovereign Gold Bonds (SGBs) that’s due on February 8, can be ₹4,813 per unit, which is about 85% premium from its challenge value of ₹2,600 fastened in January 2016.
“The redemption value for the untimely redemption falling due on February 08, 2022 shall be ₹4,813 per unit of SGB, based mostly on the easy common of closing gold value for the week January 31- February 04, 2022,” RBI mentioned in a launch.
SGBs are authorities securities denominated in grams of gold. They’re substitutes for holding bodily gold. Buyers should pay the problem value in money and the bonds can be redeemed in money on maturity. The Bond is issued by Reserve Financial institution on behalf of Authorities of India.
As per the federal government notification on SGB issued on January 14, 2016, redemption could also be permitted after the fifth 12 months from the date of challenge of such gold bonds on the date on which curiosity is payable.
The January 2016 challenge was the second tranche of the federal government’s gold bond scheme that was launched in November 2015. The primary tranche of sovereign gold bonds turned obtainable for buy between 5-20 November, 2015.
“The redemption value of SGB is predicated on the easy common closing gold value of 999 purity [published by the India Bullion and Jewellers Association Ltd (IBJA)] of the week (Monday-Friday) previous the date of redemption,” said the RBI’s launch on Tuesday. Due to this fact, the forthcoming due date of untimely redemption of the above tranche shall be February 08, 2022, it add.
Supply: Live Mint