The Government of India in consultation with Reserve Bank of India (RBI) has decided to issue Sovereign Gold Bonds. The Bonds will be issued on November 26, 2015, for which applications will be accepted from November 05, 2015 to November 20, 2015.
Period of time : 8 years with exit option from 5th year to be exercised on the interest payment dates.
- Minimum– 2 grams of gold.
- Maximum – more than 500 grams per person
- Interest rate : 2.75 per cent per annum
Other Information :
- The price of the gold bond will be fixed in Indian Rupees on the basis of the price of gold of 999 purity published by the India Bullion and Jewellers Association Ltd(IBJA) under Government of India Stock under GS Act, 2006.
- The interest on Gold Bonds shall be taxable as per the provision of Income Tax Act, 1961(43 of 1961).
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