Wednesday, January 23, 2019
News

Sovereign gold bonds on sale at Rs 3,214: Government

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Saturday, 2019 4:45:04 PM IST
A new series of sovereign gold bonds will be available at Rs 3,214 per gram between January 14 and January 18, the government said on Saturday.

Investors who apply and make payment online for the Sovereign Gold Bond Scheme 2018-19 - Series V will get a discount of Rs 50 per gram, the Ministry of Finance said.

"The issue price of the bond during this subscription period shall be Rs 3,214 per gram with the settlement date of January 22, 2019," the Ministry said in its statement.

The Reserve Bank of India (RBI) on Friday said the nominal value of the bond is based on the simple average closing price for gold of 999 purity of the last three business days (January 9-11) of the preceding week.

"The Government of India in consultation with the RBI has decided to allow discount of Rs 50 per gram from the issue price to those investors who apply online and the payment is made through digital mode," the Ministry said.

For such investors, the issue price of gold bond will be Rs 3,164 per gram of gold.

Sovereign gold bonds, issued on behalf of the government by the RBI to resident Indian entities, are denominated in grams of gold. Investment in these bonds can be done in multiples of one gram with a maximum limit of 500 gms per person per year.

Launched in 2015, the scheme is aimed at reducing the demand for physical gold by shifting a part of the physical bars and coins purchased every year for investment into gold bonds.

The sovereign gold bonds are likely to help maintain the country's Current Account Deficit (CAD) as most of the demand for gold in India is met through imports.

--IANS mgu/mag/bg

( 303 Words)

2019-01-12-16:00:06 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
US Senate to vote on duelling government...
Japan closes 2018 with first trade defic...
US courts likely to run out of money on ...
QuikrHomes hosts QuikrHomes Realty Award...
India ranks at 54th position among most ...
TCS named fastest growing brand of the d...
More...
 
INDIA WORLD ASIA
Design expo showing works of 20 young ar...
Rajasthan Police to protect runaway coup...
Viacom acquires free TV streaming servic...
Goodbye Google Hangouts, hello Chat...
Video game revenue peaked at USD 43.8 bi...
Priyanka appointment a big step, SP-BSP ...
More...    
 
 Top Stories
North Korea names new interlocutor ... 
'Lego Movie 2' to open in India in ... 
Army defines real meaning of patrio... 
Pass Essar verdict by Jan 31, NCLAT... 
Priyanka's entry can change elector... 
Japan Airlines to start Bengaluru-T... 
Ahead of Lok Sabha polls, Congress ... 
Reliance among top 250 world retail...