Banking News

Sovereign Gold Bonds 2016 – Series III open for subscription

The Government of India has vide its Notification F.No. 4(16)-W&M/2016 dated October 20, 2016, announced that the Sovereign Gold Bonds 2016 – Series III (“the Bonds”) will be open for subscription from October 24, 2016, to November 2, 2016. The Government of India may, with prior notice, close the Scheme before the specified period. The date of issuance shall be November 17; 2016 issue price shall be Rs. 50 per gram less than the nominal value.

SGBs may be used as collateral security for any loan. Banks and other eligible holders can acquire more than 500 grams of SGBs in a fiscal year, through transfers etc., including transfers arising out of recovery proceedings.

For more details

Click : Advantage of sovereign gold-bond over physical form of gold

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