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:
The total target and sub-targets set under priority sector lending for all scheduled commercial banks…
(This post elucidates Poverty Alleviation, Jobless growth, Rising Inequalities, Migration and excessive pressure on resources,…
The Sustainable Development Goals (SDGs), also known as the Global Goals, were adopted by the…
The Sustainable Development Goals (SDGs), also known as the Global Goals, were adopted by the…
Global issues are problems of economic, environmental, social, and political concerns that affect the entire…
Sustainable development or 'Sustainability for development' refers to the development that is done without damaging…