The RBI, in a statement yesterday, said the redemption price for the early redemption of SGB tranche-1 due on May 30 shall be ₹4,837 per unit of SGB and payable on May 29 (May 30, 2021, is Sunday). This translates into an appreciation of about 80 percent over the issue price of ₹2,684 per unit of SGB in 67 months. The redemption price of Sovereign Gold Bond (SGB) is based on the simple average closing gold price of 999 purity [published by the India Bullion and Jewellers Association Ltd (IBJA)] of the week (Monday-Friday) preceding the date of redemption.
The Government of India had come up with the SGB scheme in 2015 and the Reserve Bank of India (RBI) vide circular IDMD.CDD.No.939/14.04.050/2015-16, dated October 30, 2015, announced the issue of the first tranch of SGB. As per the terms and conditions of the issuance of Sovereign Gold Bonds, 2015-16, the bonds shall be repayable on the expiration of eight years from the date of issue. However, the Centre has announced the early redemption of the above issue.
Related Post:
There are two different types of receipts that a business or a government generates during…
The Department of Investment and Public Asset Management (DIPAM) released new guidelines amending its earlier2016…
The Government of the National Capital Territory of Delhi has released the official list of…
The Government of Rajasthan in their Order No.16 (1).v.m./2024 dated 19.11.2024 declared bank Holidays under…
Meaning of Expenditure and Expenses: Expenditure refers to the total amount spent to acquire goods…
In pursuance of the explanation in section 25 of NI Act 1881, read with the…