The Reserve Bank of India
(RBI) has issued operational guidelines for Sovereign Gold Bonds scheme,
2015-16, to be launched by Prime Minister Narendra Modi on Thursday.
(Reuters)
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The Reserve Bank of India
(RBI) has issued operational guidelines for Sovereign Gold Bonds scheme,
2015-16, to be launched by Prime Minister Narendra Modi on Thursday.
Besides Sovereign Gold Bonds, Modi will also launch two other gold related schemes
– Gold Monetisation Scheme (GMS) and the Gold Coin and Bullion Scheme. Here are
10 points to know about the Sovereign Gold Bonds scheme:
1. Issuing the operational
guidelines on the gold bonds, RBI said application forms from investors will be
received at branches during normal banking hours from November 5 to 20.
“Relevant additional details may be obtained from the applicants, where
necessary. Receiving offices need to ensure that the application is complete in
all respects,” it said.
2. Investors will be compensated
at a fixed rate of 2.75 per cent per annum payable semi-annually on the initial
value of investment.
3. RBI said applicants will be
paid interest on application money at prevailing savings bank rate from the
date of realisation of payment to the settlement date (the period for which
they are out of funds).
4. In case the applicant’s
bank account is not with the receiving bank, the interest has to be credited by
electronic fund transfer to the account details provided by the applicant, the
guidelines said. It added that banks may engage NBFCs, NSC agents and others to
collect application forms on their behalf. Banks may enter into arrangements or
tie-ups with such entities.
5. Sovereign Gold Bonds will
be available for subscription at the branches of scheduled commercial banks and
designated post offices through RBI’s e-kuber system. The e-kuber system can be
accessed either through Infinet or Internet.
6. Cancellation of application
is permitted till the closure of the issue (November 20). Part cancellation of
submitted request for purchase of gold bonds is not permitted. No interest on
application money needs to be paid if the application is cancelled.
7. Sovereign Gold Bonds will
be denominated in multiples of gram(s) of gold with a basic unit of 1 gram. The
tenor of the Sovereign Gold Bonds will be for a period of 8 years with exit
option from 5th year.
8. The GMS will replace the
existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the
Gold Deposit Scheme will be allowed to run till maturity unless the depositors
prematurely withdraw them, the Finance Ministry said in a statement.
9. The Indian gold coin is a
part of the Gold Monetisation Programme. The coin will be the first ever
national gold coin and will have the National Emblem of Ashok Chakra engraved
on one side.
10. The Sovereign Gold Bonds
will be issued on November 26.
Source : http://www.financialexpress.com/
Sale Of Sovereign Gold Bond
Operational Guide
Lines
Directorate have informed the following.
The modalities for the sale of
SGBs through Post Offices have been finalized and a detailed operational
instructions have been enclosed for information and necessary action to
ensure smooth operations at all levels.
As per information given by RBI,
initially SGBs will be available for sale between 05.11.2015 to 20.11.2015
and issue price for this tranche has been fixed as Rs.2684/- per gram of
gold.
Bonds will be issued on 26.11.2015
for applications received for investment in this period for SGBs.
OPERATIONAL GUIDE LINES : for full details :
CLICK HERE