New Delhi – In Dhanteras, you could take the opportunity to buy gold on top of your traditional investment and today could be a great day to buy gold at the best prices.
Aside from physical gold like jewelry and gold coins, you could actually invest in the government’s sovereign gold bond scheme and buy gold at great prices.
The Sovereign Gold Bond 2020-21 is issued by Reserve Bank India on behalf of the Government of India.
The 2020-21 series VIII sovereign gold bond scheme opened for subscription on Monday (November 9, 2020) and closes on Friday (November 13, 2020). The issue price of the Sovereign Gold Bond has been set at Rs 5,177 per gram of gold, the Reserve Bank of India said in a statement.
“The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity. It works out at 5,177 rupees per gram of gold, “the RBI said.
The government, in consultation with the RBI, has decided to offer a discount of Rs 50 per gram less than the face value to investors who apply online and the application payment is made via digital mode. “For these investors, the issue price of gold bonds will be 5,127 rupees per gram of gold,” the central bank said.
The issue price of the bonds (Series VII), which was open for subscription from October 12 to 16, was 5,051 rupees per gram of gold.
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The sale of the Bonds will be restricted to resident individuals, HUF, trusts, universities and charities. The term of the Bond will be for a period of 8 years with an option to exit from the 5th year to be exercised on the interest payment dates.
The minimum investment allowed will be 1 gram of gold. The maximum subscription limit will be 4 KG for individuals, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal (April-March) that the Government notifies periodically. A self-declaration will be obtained for this purpose. The annual ceiling will include the bonds subscribed in different tranches during the initial government issue and those acquired in the Secondary Market.
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