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Sovereign Gold Bond Scheme 2020-21 - G.S.R. 627 (E) - Indian Law

Extract

..... Form" means a form appended to this Scheme. b) "Receiving office" means the offices or branches of Scheduled Commercial Banks (as specified in Annexure I to this Notification), designated Post Offices (as specified in Annexure Il to this Notification), Stock Holding Corporation of India Ltd. (SHCIL) and the authorised stock exchanges as specified in Annexure III to this Notification. c) "Stock Certificate" means the Gold Bond issued in the form of Government of India Stock in accordance with section 3 of the Government Securities Act, 2006. 3. Eligibility for Investment- The Gold Bonds under this Scheme may be held by a Trust, HUFs, Charitable Institution, University or by a person resident in India, being an indivi .....

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Sovereign Gold Bond Scheme 2020-21 - G.S.R. 627 (E) - Indian Law

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..... in force; or Any institution which has obtained a certificate from an Income Tax Authority for the purposes of Section 80G of the Income Tax Act, 1961. (v) "University" means a university established or incorporated by a Central, State or Provincial Act, and includes an institution declared under section 3 of the University Grants Commission Act, 1956 (3 of 1956), to be a university for the purposes of the Act 4. Denomination, Subscription limit and Pricing.- (i) The bonds will be issued in denominations of one gram of gold or multiples thereof; Provided that the minimum limit of subscription for the Bonds issued shall be of one gram and maximum limit of subscription per fiscal year shall be of 4 kg for individuals, 4 kg for Hindu .....

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Sovereign Gold Bond Scheme 2020-21 - G.S.R. 627 (E) - Indian Law

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..... Number' issued by the Income Tax Department to Individuals and other entities. (iv) On receipt of an application under sub paragraph (i), the receiving office shall issue an acknowledgment receipt in Form if all requirements of the application are fulfilled. (v) An incomplete application is liable to be rejected 6. Date and form of issue of Gold Bonds.- (i) The Gold Bonds shall be issued in the form of a Stock Certificate, as specified in Form 'C'. (ii) The Gold Bonds shall be eligible to be converted into Demat form. 7. Period of subscription.- The Subscription of the Gold Bonds under this Scheme shall be open as specified in Section 8 below. Provided that the Central Government may, with prior notice, close the Scheme at any t .....

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Sovereign Gold Bond Scheme 2020-21 - G.S.R. 627 (E) - Indian Law

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..... s will be made on next interest payment date. (ii) On maturity, the Gold Bonds shall be redeemed in Indian Rupees and the redemption price shall be based on simple average of closing price of gold of 999 purity of previous 3 working days, published by the India Bullion and Jewelers Association Limited. (iii) The RBI I depository shall inform the investor one month in advance, about the date of maturity of the Bond. 13. Eligibility for Statutory Liquidity Ratio.- Bonds acquired by the banks through the process of invoking lien/ hypothecation/ pledge alone, shall be counted towards Statutory Liquidity Ratio. 14. Loan against Bonds.- (i) The Gold Bonds issued under this Scheme may be used as collateral security for availing any loan. Such loan .....

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Sovereign Gold Bond Scheme 2020-21 - G.S.R. 627 (E) - Indian Law

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..... an Instrument of transfer as in Form 'F', in accordance with the provisions of the Government Securities Act, 2006 (38 of 2006) and the Government Securities Regulations, 2007, published in part III, Section 4 of the Gazette of India dated the 1st December 2007. 18. Trading of Gold Bonds.- The Gold Bonds shall be eligible for trading. 19. Commission for mobilizing subscription.- The commission for mobilising subscription towards these bonds shall be paid at the rate of Rupee one per hundred Rupees of the total subscription received by the receiving offices and receiving offices shall share at least 50% of the commission so received with the agents or sub agents for the business procured through them. 20. All other terms and conditi .....

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Sovereign Gold Bond Scheme 2020-21 - G.S.R. 627 (E) - Indian Law

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