Sovereign Gold Bond: Investors had bought gold bonds at a price of Rs 3326 per gram, which they can redeem at Rs 6927 per gram.
Sovereign Gold Bond Scheme: The Reserve Bank of India (RBI) has announced the premature redemption price of the Sovereign Gold Bond Scheme issued on 12 February 2019 for Series 6 of 2018-19 (SGB 2018-19 Series VI – Issue date February 12, 2019). The redemption of Sovereign Gold Bond of this series will be at a price of Rs 6927 per gram. Investors who invested in this gold bond had bought the gold bond at a price of Rs 3326 per gram. Investors are going to get a return of 108 percent on their investment. Premature redemption of Sovereign Gold Bond on 12th August
The Reserve Bank of India issued a press release on 9th August 2024 stating that the Sovereign Gold Bond of Series 6 of 2018-19 was issued on 12th February 2019. As per RBI rules, the option of premature redemption is given to the investors from the date on which interest is paid after five years of the issuance of the Sovereign Gold Bond. The premature redemption of Sovereign Gold Bond of this series is to take place on Monday 12th August 2024.
Fixed on the average price of gold for 3 days
RBI said that the redemption price of Sovereign Gold Bond is decided on the basis of the average closing price of 999 purity gold between Wednesday to Friday in the last three trading sessions of the week before the date of redemption. India Bullion and Jewelers Association Ltd publishes it. Under this, the redemption price of Sovereign Gold Bond of Series 6 of 2018-19 on 12 August 2024 has been fixed at Rs 6927 per gram, which is the average price of the closing price of gold during the three days from 7 August to 9 August 2024.
Fall in investors’ returns
In the budget presented on 23 July 2024 for the financial year 2024-25, the custom duty on gold was reduced from 15 percent to 6 percent, which reduced the prices of gold. This has reduced the returns received by investors investing in sovereign gold bonds. Last week also, RBI had announced the redemption of sovereign gold bonds of 2016-17 Series I (SGB 2016 -17 Series I) at a price of Rs 6938 per gram.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
