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Government to issue Sovereign Gold Bonds with effect from 26th November 2015; Bonds to be sold through banks and designated post offices

Dated:- 30-10-2015 - Government of India, in consultation with Reserve Bank of India (RB), has decided to issue Sovereign Gold Bonds. The Bonds will be issued on November 26, 2015. Applications for the bond will be accepted from November 05, 2015 to November 20, 2015. The Bonds will be sold through banks and designated post offices as may be notified. The borrowing through issuance of the Bond will form part of market borrowing programme of Government of India. It may be recalled that the Financ .....

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mination The Bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram. 5 Tenor The tenor of the Bond will be for a period of 8 years with exit option from 5th year to be exercised on the interest payment dates. 6 Minimum size Minimum permissible investment will be 2 units (i.e. 2 grams of gold). 7 Maximum limit The maximum amount subscribed by an entity will not be more than 500 grams per person per fiscal year (April-March). A self-declaration to this effect will be .....

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and Jewellers Association Ltd. (IBJA). 11 Payment option Payment for the Bonds will be through electronic funds transfer/cash payment/ cheque/ demand draft. 12 Issuance form Government of India Stock under GS Act, 2006. The investors will be issued a Stock/Holding Certificate. The Bonds are eligible for conversion into demat form. 13 Redemption price The redemption price will be in Indian Rupees based on previous week s (Monday-Friday) simple average of closing price of gold of 999 purity publis .....

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