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Sovereign Gold Bond Scheme 2016

Allied Laws - F. No. 4(19)-W&M/2014 - Dated:- 14-1-2016 - Government of India Ministry of Finance Department of Economic Affairs New Delhi, dated the January 14, 2016 Notification G.S.R.- (E). - In exercise of the powers conferred by clause (iii) of section 3 of the Government Securities Act, 2006 (38 of 2006), the Central Government hereby makes the following Scheme, namely: - 1. Short title and commencement.- (1) This scheme may be called the . (2) It shall come into force on the date of its p .....

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ed 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, Charitable Institution, University or by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual. Explanation.- For the purposes of this paragraph, - (i) the expression person shall have the same meaning .....

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and maximum limit of subscription shall be of five hundred grams per person per fiscal year. Provided further that in case of joint holding, the above limits shall be applicable to the first applicant only. (2) The issue price of Gold Bonds shall be in Indian Rupees on the basis of simple average of closing price of gold of 999 purity of previous week (Monday to Friday) published by the India Bullion and Jewellers Association Limited. 5. Procedure for making application for subscription to Gold .....

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m B , if all requirements of the application are fulfilled. (4) An incomplete application is liable to be rejected if all requirements of the application are not fulfilled. 6. Date and form of issue of Gold Bonds.- (1) The Gold Bonds shall be issued on the 8th day of February, 2016 in the form of a Stock Certificate as specified in Form C . (2) The Gold Bonds shall be eligible to be converted into De-mat form. 7. Period of subscription.- The Subscription of the Gold Bond under this Scheme shall .....

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g with the principal on maturity. 9. Receiving Offices.- The receiving offices shall be authorised to receive applications for the Bonds either directly or through agents. 10. Payment Options.- (1) All payments for Gold Bond shall be accepted in Indian Rupees through cash upto a maximum of ₹ 20,000, or demand draft, or cheque, or electronic banking. (2) Where payment is made through cheque or demand draft, the same shall be drawn in favour of the receiving office. 11. Redemption.- (1) The .....

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d by the India Bullion and Jewelers Association Limited. (3) The receiving office shall inform the investor of the date of maturity of the Gold Bond one month before its maturity. 12. Eligibility for Statutory Liquidity Ratio.- The investment in the Gold Bonds under this Scheme shall be eligible for Statutory Liquidity Ratio. 13. Loan against Bonds.- (1) The Gold Bonds under this Scheme may be used as collateral security for any loan. (2) The Loan to Value ratio as applicable to any ordinary gol .....

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