Sovereign Gold Bonds Scheme 2022-23: Centre to issue first tranche on 20 June
Premium- The 2022-23-Series I of SGB's date of subscription begins on 20 June and ends on 24 June. While the date of issuance has been set as 28 June.
The Ministry of Finance on 16 June decided to issue the two tranches of Sovereign Gold Bonds Scheme (SGBs) for 2022-23, it said in an official statement.
"The SGBs will be sold through scheduled commercial banks, Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices, and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange Limited," the statement added.
The 2022-23-Series I of SGB's date of subscription begins on 20 June and ends on 24 June. While the date of issuance has been set as 28 June. For 2022-23 Series II of SGBs, the date of subscription has been set as 22 August - 26 August, while the date of issuance has been decided as 30 August.
The SGBs will be issued by Reserve Bank of India on behalf of the Indian government and will be restricted for sale to resident individuals, HUFs, trusts, universities and charitable institutions. They will be denominated in multiples of gram(s) of gold with a basic unit of one gram.
According to the official release, the tenor of the SGB will be for a period of eight years with an option of premature redemption after 5th year to be exercised on the date on which interest is payable.
The minimum permissible investment will be one gram of gold, while the maximum limit of subscription shall be 4 KG for individual, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal year.
In case of joint holding, the investment limit of 4 KG will be applied to the first applicant only.
Regarding the price of SGB, the government said it will be fixed in Indian Rs, on the basis of 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.
Interested buyers can pay either through cash -- upto a maximum of ₹20,000, demand draft, cheque or electronic banking. Following the issuance, a Certificate of Holding for the same will be issued., which is eligible for conversion into demat form.