Banking News

Sovereign Gold Bonds 2016-17 – Series II open for subscription

Government of India has, vide its Notification F.No. 4(7)-W&M/2016 dated August 29, 2016, announced that the Sovereign Gold Bonds 2016 – Series II (“the Bonds”) will be open for subscription from September 01, 2016 to September 09, 2016.The issue price of the Sovereign Gold Bond 2016-17 Series II  tranche has been fixed at ₹ 3150/- (Rupees Three Thousand One Hundred Fifty only) per gram of gold. The rate has been fixed on the basis of the simple average of closing price for gold of 999 purity of the previous week (August 22-26, 2016) published by the India Bullion and Jewellers Association Ltd (IBJA).

The Government of India may, with prior notice, close the Scheme before the specified period.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 the Internet. The Receiving Offices need to enter the data or carry out bulk upload for the subscriptions received by them. They may ensure  the accuracy of entry of data to prevent the occurrence of any inadvertent errors. An immediate confirmation will be provided to them for receipt of application. In addition, a confirmation scroll will be provided for file uploads to enable the Receiving Offices to update their database. On the date of allotment, i.e., September 23, 2016, Certificates of Holding will be generated for all the subscriptions in the name of the sole/principal holder. The Receiving Offices can download the same and take printouts. The Certificates of Holding will also be sent through e-mail to the investors who have provided their email address. The securities will be credited in their de-mat accounts within 2-3 days of allotment, subject to the matching of particulars furnished in the application with the Depositories’ records. To know more about  Gold Bonds CLICK below

Advantage of gold bonds over physical form of gold

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