TMI BlogSovereign Gold Bond Scheme 2019-20X X X X Extracts X X X X X X X X Extracts X X X X ..... which will be indicated on the Bond issued to the investor. (iii) It shall come into force on the date of its publication in the Official Gazette. 2. Definition.- In this Scheme, unless the context otherwise requires: a) Form means a form appended to this Scheme; b) Receiving office means the offices or branches of all Scheduled Commercial Banks except Small Finance Banks and Payment Banks (as specified in Annexure I to this Notification), designated Post Offices(as specified in Annexure II 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 Cer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed under the Societies Registration Act, 1860 or under any other law for the time being in force in India. (iv) Charitable Institution to mean a Company registered under Section 25 of the Indian Companies Act, 1956 or under Section 8 of the Companies Act, 2013 ; or an institution, which has obtained a Certificate of Registration as a charitable institution in accordance with a law 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 G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made through digital mode. 5. Procedure for making application for subscription to Gold Bonds (i) Any person who is desirous of subscribing to the Gold Bonds shall apply to any receiving office in Form A or in any other form as near as thereto, stating clearly the grams of gold, full name and address of the applicant/s. (ii) Every application shall contain such documents and particulars as specified in the instructions contained in the Application Form. (iii) Every application must be accompanied by the PAN 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... September 09-13, 2019 September 17, 2019 9. Interest.- (i) The interest on the Gold Bonds shall commence from the date of issue and shall be paid at a fixed rate of 2.50 percent per annum on the nominal value of the bond. (ii) The interest shall be payable in half-yearly rests and the last interest shall be payable along with the principal on maturity. 10. Receiving Offices.- The receiving offices shall be authorised to receive applications for the bonds either directly or through agents. 11. Payment Options.- (i) All payments for Gold Bonds shall be accepted in Indian Rupees through cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Reserve Bank of India shall also apply to the Bonds issued under this Scheme. Note : The loan against SGBs would be subject to decision of the bank/financing agency, and cannot be inferred as amatter of right. 15. Tax Treatment. The interest on the Gold Bond shall be taxable as per the provisions of the Income-tax Act,1961 (43 of 1961) . The capital gains tax arising on redemption of these bonds to an individual is exempted. The indexation benefits will be provided to long-term capital gains arising to any person on transfer of bond. 16. Nomination.- (i) Nomination of and its cancellation shall be made in Form D and Form E , respectively, in accordance wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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