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  • DAILY CURRENT AFFAIRS:RBI to sell Sovereign Gold Bond series 1 of 2022-23 at ₹5,091 per gram of gold

RBI to sell Sovereign Gold Bond series 1 of 2022-23 at ₹5,091 per gram of gold

Tags: Economy/Finance

The first tranche of Sovereign Gold Bond or SGB scheme for the 2022-23 financial year opened for subscription on 20 June 2022. The issue price has been fixed at ₹5,091 per gram of gold.

  • The Sovereign Gold Bond Scheme 2022-23 - Series I will remain open till June 24, 2022. 
  • Investors who apply online and make payment online get a discount of ₹50 per gram. For such investors, the issue price will be ₹5,041 per gram. 
  • The date of issuance to the investor who has applied for the bond will be June 28, 2022. 
  • The second tranche (2022-23 Series II) will be available for subscription during August 22-26, 2022. 

Why was it launched 

The Sovereign Gold Bond scheme was launched by the RBI in 2015. The objective of this scheme was to encourage people not to invest in gold as money invested in gold is considered as unproductive investment.

Instead people were encouraged to buy sovereign gold bonds. 

The repayment on the bond was guaranteed by the Government of India and people would also be able to earn extra interest on it. 

The money collected in this way will be used by the government for investment in those areas of the economy, which will lead to economic development of the country.

Features of the Sovereign Gold Bond 

  • The bond is issued by the Reserve Bank of India on behalf of the Government of India 
  • Resident Indians, individuals, Hindu Undivided Family, trusts, universities and charitable institutions can invest in the bonds.
  • The bonds are issued in denominations of one gram of gold and in multiples thereof.
  • The Minimum permissible investment is one gram of gold.
  • The maximum investment limit is 4 kg for individuals, 4 kg for Hindu Undivided Family and 20 kg for trusts and similar entities notified by the government from time to time. 
  •  The sovereign gold bonds mature in eight years, with an option of premature redemption after the fifth year.
  • After 8 years RBI redeems the gold bond in Indian rupees at the average price of gold prevalent at that time. 
  •  Investors are paid a fixed rate of interest of 2.5% per annum payable semi-annually on the issue price of the bond.
  • Bonds are sold through offices or branches of Nationalized Banks, Scheduled Private Banks, Scheduled Foreign Banks, designated Post Offices, Stock Holding Corporation of India Ltd. and the authorized stock exchanges either directly or through their agents.
  •  These bonds are traded on the stock exchange and it can be bought and sold on the exchanges.
  • SGB can be used as a collateral in taking loans from the banks.

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