The banks will “shortly” issue the second tranche of sovereign gold bonds. Reserve Bank had launched the first tranche of gold bond scheme in November. The subscription was for 915.95 kg amounting to Rs. 246 crore.
- The Reserve Bank has fixed the public issue price at 2,600 per gram for the sovereign gold bonds.
- The scheme is aimed at reducing the demand for gold in physical form by encouraging people to buy the commodity in demat or paper form.
- The Gold Bond scheme will have an annual cap of 500 grams per person and such bonds would be issued for a period of five to seven years.
The gold bonds are issued in denominations of 5 grams, 10 grams, 50 grams and 100 grams for a term of five years to seven years with a rate of interest to be calculated on the value of the metal at the time of investment.
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