Finance Ministry Declared First Tranche of Gold Bond Scheme

SEATTLE (Scrap Monster): The Indian Ministry of Finance announced that the first tranche of Sovereign Gold Bond Scheme (SGB) for 2022-’23 will be issued on 16^th June, 2022.

The official statement noted that the bonds will be sold through scheduled commercial banks, Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices, and recognised stock exchanges. The subscription will be open for a period of five days from 20^th June to 24^th June. The bonds will be issued on 28^th June.

For Series II of the bonds, the subscription will be open from 22nd August to 26th August. The date of issuance has been fixed as 30th August.

The bonds will be restricted for sale to resident individuals, HUFs, trusts, universities and charitable institutions. The bonds, with a tenor of 8 years, provide an option for premature redemption after the 5th year.

The bond’s price will be fixed on the basis of simple average of closing price of 999 purity gold, published by the India Bullion and Jewellers Association Limited (IBJA), for the last three working days of the week preceding the subscription period.

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