Reserve Bank of India
17:55
Showing posts with label GOLD. Show all posts
Showing posts with label GOLD. Show all posts
Saturday, 29 May 2021
Monday, 28 December 2020
Wednesday, 11 November 2020
Saturday, 6 June 2020
ministry of Finance
07:03
Sovereign Gold Bond Scheme 2020-21 (Series III) – Issue Price
Sovereign Gold Bond Scheme 2020-21 (Series III) – Issue Price
Ministry of Finance
Sovereign Gold Bond Scheme 2020-21 (Series III) – Issue Price
Posted On: 05 JUN 2020 9:14PM by PIB Delhi
In terms of the Government of India Notification No. F.No. 4(4)-B/(W&M)/2020 dated April 13, 2019, Sovereign Gold Bonds 2020-21 (Series III) will be opened for the period June 08-12, 2020 with Settlement date June 16, 2020. The issue price of the Bond during the subscription period shall be Rs 4,677 (Rupees Four thousand Six hundred Seventy seven only) – per gram, as also published by RBI in their Press Release dated June 05, 2020.
The Government of India in consultation with the Reserve Bank of India has decided to allow discount of Rs 50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through digital mode. For such investors the issue price of Gold Bond will be Rs 4,627 (Rupees Four thousand Six hundred twenty seven only) per gram of gold.
Source:PIBNEWS
Saturday, 18 April 2020
Saturday, 30 November 2019
GOLD
06:21
Sovereign Gold Bond Scheme 2019-20 (Series VII) – Issue Price
Sovereign Gold Bond Scheme 2019-20 (Series VII) – Issue Price
Posted On: 29 NOV 2019 7:43PM by PIB Delhi
In terms of the Government of India Notification No. F. No. 4(7)-B(W&M)/2019 dated September 30, 2019, Sovereign Gold Bonds 2019-20 (Series VII) will be opened for the period December 02-06, 2019. The issue price of the Bond during this subscription period shall be Rs 3,795 (Rupees Three Thousand Seven Hundred Ninety Five only) – per gram with Settlement date December 10, 2019, as also published by RBI in their Press Release dated November 29, 2019.
The Government of India in consultation with the Reserve Bank of India has decided to allow discount of Rs 50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through digital mode. For such investors the issue price of Gold Bond will be Rs 3,745 (Rupees Three Thousand Seven Hundred Forty Five only) per gram of gold.
Source:PIBNEWS
Tuesday, 1 October 2019
Reserve Bank of India
08:03
Sovereign Gold Bond Scheme 2019-20
Sovereign Gold Bond Scheme 2019-20
Government of India and Reserve Bank Of India Decided to issue Gold Bonds as per the Calender Specified
Saturday, 6 July 2019
Gold Deposit Scheme
07:47
Sovereign Gold Bond Scheme 2019-20
Sovereign Gold Bond Scheme 2019-20
Issue Price of the Sovereign Gold Bond Scheme 2019-20 (Series II) during the subscription period from 8th July to 12th July, 2019 would be Rs.3,443 per gram with Settlement Date being 16th July, 2019;
Discount of Rs.50 per gram from the issue price to those investors who apply online and the payment is made through digital mode.
Posted On: 05 JUL 2019 8:39PM by PIB Delhi
May 30, 2019 and Press Release dated May 31, 2019, the Sovereign Gold Bond Scheme 2019-20 (Series I) will be opened for subscription for the period July 08-12, 2019. The Issue Price of the Bond during this subscription period shall be Rs.3,443 (Rupees Three Thousand Four Hundred Forty Three only) – per gram with Settlement date July 16,2019,
The Government of India in consultation with the Reserve Bank of India has decided to allow discount of Rs. 50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through Digital Mode. For such investors the issue price of Gold Bond will be Rs. 3,393 (Rupees Three Thousand Three Hundred Ninety Three only) per gram of gold.
Source:PIBNEWS
Sunday, 10 February 2019
Sunday, 13 January 2019
Tuesday, 16 October 2018
Tuesday, 9 October 2018
Tuesday, 12 June 2018
gold Monetisation scheme
08:30
Gold Monetization Scheme, 2015
Gold Monetization Scheme, 2015
June 7, 2018
All Scheduled Commercial Banks (excluding RRBs)
Dear Sir/Madam
Gold Monetization Scheme, 2015
In exercise of the powers conferred on the Reserve Bank of India under Section 35A of the Banking Regulation Act, 1949, the RBI makes the following amendments in the Reserve Bank of India (Gold Monetization Scheme, 2015) Master Direction No.DBR.IBD.No.45/23.67.003/2015-16 dated October 22, 2015, with immediate effect.
1. The existing sub-paragraph 2.2.1 (ii) shall be amended to read as follows:
“The short term deposits shall be treated as bank’s on-balance sheet liability. These deposits will be made with the designated banks for a short period of 1-3 years (with a facility of roll over). Deposits can also be allowed for broken periods (e.g. 1 year 3 months; 2 years 4 months 5 days; etc.). The rate of interest payable in the case of deposits for maturities with broken periods shall be calculated as the sum of interest for the completed year plus interest for the number of remaining days at the rate of D/360*ARI”
Where, ARI= Annual Rate of Interest
D= Number of days
2. The existing sub-paragraph 2.2.2 (iv) shall be amended to read as follows:
“(iv) Other features of the Medium Term Government Deposit (MTGD) shall be as under:
(a) Maturity
The Medium Term Government Deposit (MTGD) can be made for 5-7 years and Long Term Government Deposit (LTGD) for 12-15 years or for such period as may be decided by the Central Government from time to time. Deposits can also be allowed for broken periods (e.g. 5 years 7 months; 13 years 4 months 15 days; etc.).
Saturday, 2 December 2017
Reserve Bank of India
09:14
GOI Series-III Sovereign Gold Bonds – next Subscription period – December 4-6 2017
GOI Series-III Sovereign Gold Bonds – next Subscription period – December 4-6 2017
Issue price shall be Rs2,952 per gram with Settlement on December 11, 2017.
The Government of India, in consultation with the Reserve Bank of India (RBI), had floated Series III of Sovereign Gold Bonds 2017-18, for the period from October 09, 2017 to December 27, 2017 (with subscription period Monday to Wednesday every week). The Bonds will be issued on the succeeding Monday after each subscription period.
For the next subscription period i.e. December 4 - 6, 2017, the issue price shall be Rs2,952 (Rupees Two thousand Nine hundred Fifty Two only) – per gram with Settlement on December 11, 2017, as also published by RBI in their Press Release dated November 30, 2017.
The Government of India in consultation with the Reserve Bank of India (RBI),has decided to allow discount of Rs 50 (Rupees Fifty) per gram from the issue price to those investors who apply online and the payment is made through digital mode.
Source:PIBNEWS
Monday, 23 October 2017
Sunday, 8 October 2017
TAXES
10:15
Sovereign Gold Bond Scheme
Sovereign Gold Bond Scheme
RBI/2017-18/71
IDMD.CDD.No.929/14.04.050/2017-18
October 06, 2017
The Chairman & Managing Director
All Scheduled Commercial Banks,
(Excluding RRBs)
Designated Post Offices
Stock Holding Corporation of India Ltd.(SHCIL)
National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd.
Dear Sir/Madam,
Sovereign Gold Bond Scheme
Government of India has vide its Notification F.No. 4(25)-B/(W&M)/2017 dated October 06, 2017 announced that the Sovereign Gold Bond Scheme. Under the scheme SGBs (The Bonds) will be issued in a series of weekly issuances which will be open for subscription from Monday to Wednesday of every week starting from October 09, 2017. The Government of India may, with prior notice, close the Scheme before the specified period. The terms and conditions of the issuance of the Bonds shall be as follows:
1. Eligibility for Investment:
The Bonds under this Scheme may be held by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual. The bond may also be held by a Trust, Charitable Institution and University. “Person resident in India” is defined under section 2(v) read with section 2(u) of the Foreign Exchange Management Act, 1999
2. Form of Security
The Bonds shall be issued in the form of Government of India Stock in accordance with section 3 of the Government Securities Act, 2006. The investors will be issued a Holding Certificate (Form C). The Bonds shall be eligible for conversion into de-mat form.
3. Date of Issue
The bond shall be issued on the first business day of next week for the applications received during a given week.
4. Calendar of Issuance:
The Sovereign Gold Bonds will be issued every week from October 2017 to December 2017 as per the calendar specified below:
S.No Period of Subscription Date of issuance
1. October 09-11, 2017 October 16, 2017
2. October 16-18, 2017 October 23, 2017
3. October 23-25, 2017 October 30, 2017
4. October 30-November 01, 2017 November 06, 2017
5. November 06-08, 2017 November 13, 2017
6. November 13-15, 2017 November 20, 2017
7. November 20-22, 2017 November 27, 2017
8. November 27-29, 2017 December 04, 2017
9. December 04-06, 2017 December 11, 2017
10. December 11-13, 2017 December 18, 2017
11. December 18-20, 2017 December 26, 2017
12. December 26-27, 2017 January 01, 2017
5. Denomination
The Bonds shall be denominated in units of one gram of gold and multiples thereof. Minimum investment in the Bonds shall be one gram with a maximum limit of subscription of 4 kg for individuals, 4 kg for Hindu Undivided Family (HUF) and 20 kg for trusts and similar entities notified by the government from time to time per fiscal year (April – March), provided that
annual ceiling will include bonds subscribed under different tranches during initial issuance by Government and those purchased from the secondary market; and
the ceiling on investment will not include the holdings as collateral by banks and other Financial Institutions.
6. Issue Price
Price of the Bonds shall be fixed in Indian Rupees on the basis of simple average of closing price of gold of 999 purity published by the India Bullion and Jewelers Association Limited for the last three business days of the week preceding the subscription period. The issue price of the Gold Bonds will be ₹ 50 per gram less than the nominal value to those investors applying online and the payment against the application is paid through digital mode.
7. Interest
The Bonds shall bear interest at the rate of 2.50 percent (fixed rate) per annum on the amount of initial investment. Interest shall be paid in half-yearly rests and the last interest shall be payable on maturity along with the principal.
8. Receiving Offices
Scheduled Commercial Banks (excluding RRBs), designated Post Offices (as may be notified), Stock Holding Corporation of India Ltd (SHCIL) and recognized stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange Ltd. are authorized to receive applications for the Bonds either directly or through agents.
9. Payment Options
Payment shall be accepted in Indian Rupees through cash up to a maximum of ₹ 20,000/- or Demand Drafts or Cheque or Electronic banking. Where payment is made through cheque or demand draft, the same shall be drawn in favour of receiving office.
10. Redemption
i) The Bonds shall be repayable on the expiration of eight years from the date of issue of Gold bonds. Pre-mature redemption of the Bond is permitted from fifth year of the date of issue on the interest payment dates.
ii) The redemption price shall be fixed in Indian Rupees and the redemption price shall be based on simple average of closing price of gold of 999 purity of previous 3 business days from the date of repayment, published by the India Bullion and Jewelers Association Limited. The receiving office shall inform the investor of the date of maturity of the Gold Bond one month before its maturity.
11. Repayment
RBI/depository shall inform the investor of the date of maturity of the Bond one month before its maturity.
12. Eligibility for Statutory Liquidity Ratio (SLR)
The holding of these Bonds by banks as collateral shall be counted towards Statutory Liquidity Ratio holding.
13. Loan against Bonds
The Bonds may be used as collateral for loans. The Loan to Value ratio will be as applicable to ordinary gold loan mandated by the RBI from time to time. The lien on the Bonds shall be marked in the depository by the authorized banks.
14. Tax Treatment
Interest on the Bonds shall be taxable as per the provisions of the Income-tax Act, 1961. The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long term capital gains arising to any person on transfer of bond
15. Applications
Subscription for the Bonds may be made in the prescribed application form (Form ‘A’) or in any other form as near as thereto stating clearly the grams of gold and the full name and address of the applicant. The receiving office shall issue an acknowledgment receipt in Form ‘B’ to the applicant.
16. Nomination
Nomination and its cancellation shall be made in Form ‘D’ and Form ‘E’, respectively, in accordance with the provisions of the Government Securities Act, 2006 (38 of 2006) and the Government Securities Regulations, 2007, published in part III, Section 4 of the Gazette of India dated December 1, 2007.
17. Transferability
The Bonds shall be transferable by execution of an Instrument of transfer as in Form ‘F’, in accordance with the provisions of the Government Securities Act, 2006 (38 of 2006) and the Government Securities Regulations, 2007, published in part III, Section 4 of the Gazette of India dated December 1, 2007.
18. Tradability of bonds
The Bonds shall be eligible for trading from such date as may be notified by the Reserve Bank of India.
19. Commission for distribution
Commission for distribution shall be paid at the rate of rupee one per hundred of the total subscription received by the receiving offices on the applications received and receiving offices shall share at least 50% of the commission so received with the agents or sub-agents for the business procured through them.
20. All other terms and conditions specified in the notification of Government of India in the Ministry of Finance (Department of Economic Affairs) vide number F. No.4(13) W&M/2008, dated 8th October 2008 shall apply to the Bonds.
21. Operational guidelines relating to Sovereign Gold Bonds are issued vide circular IDMD.CDD.No.927/14.04.050/2017-18 dated October 06, 2017.
Yours faithfully,
(Shyni Sunil)
Deputy General Manager
Encls.: As above.
Friday, 7 July 2017
Reserve Bank of India
09:11
APPLICATION FOR THE BOND:SOVEREIGN GOLD BOND SCHEME 2017-18
APPLICATION FOR THE BOND:SOVEREIGN GOLD BOND SCHEME 2017-18
Government of India in consultation
with RBI decides to issue Sovereign Gold Bond Scheme 2017-18– Series II;
Applications for the bond will be accepted from July 10, 2017 to July 14, 2017;
The Bonds will be issued on July 28, 2017.
Government of India, in consultation with
the Reserve Bank of India, has decided to issue Sovereign Gold Bonds 2017-18 –
Series II. Applications for the bond will be accepted from July 10, 2017 to
July 14, 2017. The Bonds will be issued on July 28, 2017. The Bonds will be
sold through banks, Stock Holding Corporation of India Limited (SHCIL),
designated post offices and recognised stock exchanges viz., National Stock
Exchange of India Limited and Bombay Stock Exchange. The features of the Bond
are given below:
Sl. No.
|
Item
|
Details
|
1
|
Product name
|
Sovereign
Gold Bond 2017-18 – Series II
|
2
|
Issuance
|
To be
issued by Reserve Bank India on behalf of the Government of India.
|
3
|
Eligibility
|
The
Bonds will be restricted for sale to resident Indian entities including
individuals, HUFs, Trusts, Universities and Charitable Institutions.
|
4
|
Denomination
|
The
Bonds will be denominated in multiples of gram(s) of gold with a basic
unit of 1 gram.
|
5
|
Tenor
|
The
tenor of the Bond will be for a period of 8 years with exit option from 5th year
to be exercised on the interest payment dates.
|
6
|
Minimum size
|
Minimum
permissible investment will be 1 gram of gold.
|
7
|
Maximum limit
|
The
maximum amount subscribed by an entity will not be more than 500 grams per
person per fiscal year (April-March). A self-declaration to this effect will
be obtained.
|
8
|
Joint holder
|
In case
of joint holding, the investment limit of 500 grams will be applied to the
first applicant only.
|
9
|
Issue price
|
Price
of Bond will be fixed in Indian Rupees on the basis of simple average of
closing price of gold of 999 purity published by the India Bullion and
Jewellers Association Limited for the week (Monday to Friday) preceding the
subscription period. The issue price of the
Gold Bonds will be ` 50 per gram less than the nominal value.
|
10
|
Payment option
|
Payment
for the Bonds will be through cash payment (upto a maximum of Rs. 20,000) or
demand draft or cheque or electronic banking.
|
11
|
Issuance form
|
The
Gold Bonds will be issued as Government of India Stocks under GS Act, 2006.
The investors will be issued a Holding Certificate for the same. The Bonds
are eligible for conversion into demat form.
|
12
|
Redemption price
|
The
redemption price will be in Indian Rupees based on previous week’s
(Monday-Friday) simple average of closing price of gold of 999 purity
published by IBJA.
|
13
|
Sales channel
|
Bonds will be sold through banks, Stock Holding
Corporation of India Limited (SHCIL), designated post offices as may be
notified and recognised stock exchanges viz., National Stock Exchange of
India Limited and Bombay Stock Exchange, either directly or through agents.
|
14
|
Interest rate
|
The investors will be compensated at a fixed rate of
2.50 per cent per annum payable semi-annually on the nominal value.
|
15
|
Collateral
|
Bonds can be used as collateral for loans. The
loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated
by the Reserve Bank from time to time.
|
16
|
KYC Documentation
|
Know-your-customer (KYC) norms will be the same as
that for purchase of physical gold. KYC documents such as Voter ID,
Aadhaar card/PAN or TAN /Passport will be required.
|
17
|
Tax treatment
|
The interest on Gold Bonds shall be taxable as per
the provision of Income Tax Act, 1961 (43 of 1961). The capital gains tax
arising on redemption of SGB to an individual has been exempted. The
indexation benefits will be provided to long term capital gains arising to
any person on transfer of bond
|
18
|
Tradability
|
Bonds will be tradable on stock exchanges within a
fortnight of the issuance on a date as notified by the RBI.
|
19
|
SLR eligibility
|
The Bonds will be eligible for Statutory Liquidity
Ratio purposes.
|
20
|
Commission
|
Source:PIBNEWS
Tuesday, 13 June 2017
Saturday, 22 April 2017
Reserve Bank of India
17:42
Sovereign Gold Bond Scheme 2017 -18 - Series I - Issue Price
Sovereign Gold Bond Scheme 2017-18 - Series I - Issue Price
Date : Apr 21, 2017
Sovereign Gold Bond Scheme 2017 -18 - Series I - Issue Price
In terms of GoI notification F. No. 4(8) - W&M/2017 and RBI circular IDMD.CDD.No.2760/14.04.050/2016-17 dated April 20, 2017, the Sovereign Gold Bond Scheme 2017-18 - Series I will be opened for subscription for the period from April 24, 2017 to April 28, 2017. 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 of the week preceding the subscription period, i.e. April 17-21, 2017 works out to ₹ 2951/- per gram. Government of India, in consultation with the Reserve Bank of India, has decided to offer a discount of ₹ 50 per gram on the nominal value of the Sovereign Gold Bond. Hence, the issue price of Gold Bond for this tranche has been fixed at ₹ 2901 /- (Rupees Two Thousand Nine Hundred One only) per gram of gold.
Ajit Prasad
Assistant Adviser
Press Release : 2016-2017/2863
Source:RBI
Tuesday, 28 February 2017
rural banking
07:54
Repayment of Gold Loan
Repayment of Gold Loan
RBI/2016-17/229
DBR.RRB.BC.No. 53/31.01.001/2016-17
February 16, 2017
All Regional Rural Banks
Dear Sir / Madam,
Repayment of Gold Loan
Please refer to circular RPCD.CO.RRB.BC.No.22/03.05.34/2010-11 dated September 22, 2010 wherein Regional Rural Banks (RRBs) were permitted to grant gold loans up to Rs.1.00 lakh with bullet repayment option.
2. On a review, it has been decided to increase the quantum of loan that could be granted under the scheme, from Rs.1.00 lakh to Rs.2.00 lakh subject to the following conditions:
(i) The period of the loan shall not exceed 12 months from the date of sanction.
(ii) Interest will be charged to the account at monthly rests but will become due for payment along with principal only at the end of 12 months from the date of sanction.
(iii) RRBs should maintain a Loan to Value (LTV) ratio of 75% on the outstanding amount of loan including the interest on an ongoing basis, failing which the loan will be treated as a Non Performing Asset (NPA).
(iv) The valuation of gold would be as per instructions contained in para 3 of the circular RPCD.RRB.RCB.BC.No.08/03.05.33/2014-15 dated July 1, 2014.
3. It is clarified that crop loans sanctioned against the collateral security of gold/gold ornaments shall continue to be governed by the extant income recognition, asset classification and provisioning norms for such loans.
Yours faithfully,
(Saurav Sinha)
Chief General Manager
Source:RBI
