GOVT Sovereign Gold Bonds from Monday 2017, February 27 to March 3
The bonds will be sold through banks, Stock
Holding Corporation of India, designated post offices, National Stock Exchange
(NSE) and Bombay Stock Exchange (BSE).
The Centre has decided to come out with the
fourth series of Sovereign Gold Bonds 2016-17, which the Reserve Bank of India
(RBI) will issue on its behalf.
Applications will be accepted from 2017, February
27 to March 3, an official release said. The bonds will be issued on March 17,
2017
The bonds will be sold through banks, Stock
Holding Corporation of India (SHCIL), designated post offices and recognised
stock exchanges NSE, and BSE.
The bonds will be denominated in gram(s) of gold
with a basic unit of one gram. The tenor will be for a period of eight (8)
years with exit option from the 5th year to be exercised on the interest
payment dates.
Investors will be compensated at a fixed rate of
2.50% per annum payable semi-annually on the nominal value. Launched by Prime
Minister Narendra Modi in November 2015, the Gold Monetisation Scheme (GMS) and
the Sovereign Gold Bond schemes aim at cutting down the huge demand for the
precious metal.
While the GMS has seen tepid response, investors
have found the gold bond scheme reasonably attractive.
Finance Minister Arun Jaitley had, in Union
Budget 2015-16, announced the creation of a Sovereign Gold Bond as an
alternative to purchasing metal gold.
Accordingly, three tranches of issuances had been
undertaken during 2015-16.
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