Modi government selling cheap gold on Rakhi, this price fixed for 'Gold Bond'

Aug 01 2020 02:43 PM
Modi government selling cheap gold on Rakhi, this price fixed for 'Gold Bond'

New Delhi: The Reserve Bank of India (RBI) has set the issue price of Sovereign Gold Bonds at Rs 5,334 per gram to provide an opportunity to invest in gold on the festival of Raksha Bandhan. This issue will come between 3 and 7 August 2020. As per the statement released by the RBI on Friday, the issue price of the Sovereign Gold Bond Scheme of Series Five of 2020-21 will be Rs 5,334 per gram. The previous gold bond issue price was fixed at Rs 4,852 per gram. This issue came out between July 6 and 10.

According to the RBI statement, those paying online for the bond will get a concession of Rs 50 per gram. Thus, the price of a gold bond for them will be Rs. 5,284 per gram. The central government announced in April that it would issue gold bonds in six installments by 20 September. RBI issues Sovereign Gold Bonds on behalf of the Government of India.

This bond can be purchased in multiples of one gram gold. The maturity period of Sovereign Gold Bond is 8 years. It will be allowed to sell after 5 years. Sovereign gold bonds can be invested with a minimum of 1 gram. A person can invest in sovereign gold bonds with a maximum bond of 4 kg. Hindu undivided families can also invest in bonds up to 4 kg and trust 20 kg in a financial year.

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