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Showing posts with label Gold coins. Show all posts
Showing posts with label Gold coins. Show all posts

Sunday, December 17, 2023

🌟 A simple explainer on RBI Sovereign Gold Bond Scheme 🌟

  

🌟 **Sovereign Gold Bond Scheme** 📅 **Launch Date: October 30, 2015

 


🪙 Sovereign Gold Bond Scheme 2023-24 Series III - Issue Price

📅 Subscription Period: December 18–22, 2023

🔍 Details: As per the Government of India notification F.No.4(6)-B(W&M)/2023 and the Reserve Bank press release on December 08, 2023, the Sovereign Gold Bond Scheme 2023-24 - Series III will be open for subscription from December 18 to December 22, 2023.

 

📈 Nominal Value Calculation: The nominal value of the bond is determined based on the simple average of the closing prices published by the India Bullion and Jewellers Association Ltd (IBJA) for gold of 999 purity on the last three working days of the week preceding the subscription period.

For the upcoming series, i.e., December 13, December 14, and December 15, 2023, the calculated nominal value is ₹6,199/- (Rupees Six thousand one hundred and ninety-nine only) per gram of gold.

 

💻 Discount for Online Investors: In a strategic move, the Government of India, in consultation with the Reserve Bank, is offering a discount of ₹50/- per gram less than the nominal value to investors applying online and making payments through digital modes.

For these tech-savvy investors, the issue price of the Gold Bond becomes ₹6,149/- (Rupees Six thousand one hundred and forty-nine only) per gram of gold. 🤖💰

 

🌐Subscription Window: Investors are encouraged to seize this opportunity and subscribe to the Sovereign Gold Bond Scheme during the specified period.

It's a chance to secure gold at an attractive rate, especially for those embracing the convenience of online transactions. 💻🛍️

🇮🇳 Introduction: The **Sovereign Gold Bond (SGB)** Scheme, initiated by the Government of India (GOI) on October 30, 2015, is a distinctive approach to gold investment. 🪙

 

🌐 Scheme Overview: Under the Gold Monetization Scheme, SGBs were introduced, offering a strategic way for investors to participate in gold without the need for physical possession. Issued monthly from October 2021 to March 2022, these bonds are made available in tranches by the Reserve Bank of India (RBI) in collaboration with the Indian Government. 📈🤝

 

🧐 Understanding SGB:  Denominated in grams of gold, with a minimum unit of 1 gram.

- Interest rate of 2.50% per annum, paid semi-annually on the nominal value.

- 8-year tenure with an exit option in the 5th, 6th, and 7th years on interest payment dates.

- Maximum individual subscription limit: 4 kg; 4 kg for a Hindu-Undivided Family (HUF); 20 kg for trusts and similar entities.

- Co-owned bonds limit applies to the first applicant.

- Issued as stocks under the Government Security Act, 2006.

- Investors receive a Holding Certificate. 📜💼

 

🇮🇳 Cultural Significance: In India, gold holds cultural significance, often purchased on auspicious occasions. While physical gold is the preferred choice, the Government and RBI offer an alternative through Sovereign Gold Bonds. This aligns with Indian traditions, combining investment with cultural practices. 💍🎉

 

💰 What are Sovereign Gold Bonds? Sovereign Gold Bonds, falling under Debt Funds, emerged in November 2015 as an innovative alternative to physical gold acquisition. These government securities, denominated in grams of gold, require investors to pay the issue price in cash. Upon maturity, the redemption occurs in cash.

 

🔒 Secured Investment: Sovereign Gold Bonds offer a secured investment, minimizing susceptibility to market risks and fluctuations. Issued by the Government, these bonds have predefined windows during which investors can subscribe in tranches. 🪙📉

 

📢 Issuance Announcements: The Government typically announces the issuance of gold bonds every 2 or 3 months through press releases, signaling a one-week subscription window. With an 8-year maturity period, investors have the flexibility to exit after 5 years. 📰🕒

1. What is SGB?

   - Govt. securities denominated in grams of gold.

   - Issued by RBI on behalf of the Govt. of India.

 

2. Why SGB over physical gold?

   - Protected quantity, superior to physical gold.

   - Eliminates storage risks and costs.

 

3. Risks in SGBs?

   - Capital loss if gold market price declines.

 

4. Who is eligible to invest?

   - Residents in India as per FEMA 1999.

 

5. Can minors and joint holding invest?

   - Yes, with a guardian. Joint holding allowed.

 

6. Where to get the application form?

   - Issuing banks, SHCIL offices, Post Offices, online.

 

7. What are the KYC norms?

   - PAN Number mandatory.

 

8. Minimum and maximum limits for investment?

   - Issued in denominations of one gram.

   - Min 1 gram, Max 4 kg for individuals.

9. Rate of interest and payment?

   - 2.50% per annum, credited semi-annually.

10. Authorized agencies for selling SGBs?

    - Nationalized/Private Banks, Post Offices, SHCIL, stock exchanges.

11. Assurance of allotment?

    - Yes, if eligibility criteria met.

 

12. When are Holding Certificates issued?

    - On the date of SGB issuance.

 

13. Can I apply online?

    - Yes, with a ₹50 per gram discount for online applications.

 

14. Price at which bonds are sold?

    - Nominal value in INR based on average gold price.

 

15. Daily publication of gold rates by RBI?

    - Yes, two days before the issue opens.

 

16. What will I get on redemption?

    - Redeemed in INR based on average gold price.

 

17. Redemption process and amount?

    - Advised one month before maturity.

    - Credited to the bank account.

 

18. Premature redemption and tradability?

    - Allowed after the fifth year.

    - Tradable on exchanges if in demat form.

 

19. Tax implications on interest and capital gain?

    - Taxable interest, exempted capital gains.

 

20. TDS applicable on the bond?

    - No TDS, holder's responsibility for tax compliance.

 

21. Customer services post-issuance?

    - Provided by issuing banks, SHCIL, Post Offices, stock exchanges.

 

22. Payment options for investing?

    - Cash (up to ₹20,000), cheques, demand draft, electronic fund transfer.

 

23. Nomination facility available?

    - Yes, as per Govt. Securities Act.

 

24. Can bonds be held in demat form?

    - Yes, with a specific request.

 

25. Trading of bonds?

    - Tradable from a date notified by RBI.

 

26. Death of an investor procedures?

    - Nominee's claim recognized, applicable provisions followed.

 

27. Part repayment during put option exercise?

    - Yes, in multiples of one gram.

 

28. Contacting RBI for queries?

    - Dedicated email for public queries. 📧

 

Choose your gold investment wisely! 💰✨🌐

 

🌟 Gold Investment Options Comparison 🌟



Gold ETFs / RBI Sovereign Gold Bond / Physical God

🔍 Insights:

- Safety: All three options provide a high level of safety, with minimal risk in digital forms.

- Returns: Sovereign Gold Bonds offer higher returns, especially if held until maturity.

- Purity: Electronic forms (ETFs and Bonds) assure high purity.

- Tradability: Gold ETFs and Sovereign Gold Bonds offer tradability, while physical gold is restrictive.

- Gains: Tax benefits in LTCG for Bonds if redeemed after maturity.

- Storage: Digital forms require minimal storage, unlike physical gold.

- Loan Collateral: Bonds and physical gold can be used as loan collateral. **🚀 Celebrate Safe ePayDay! 💳✨**

 

In the digital realm, a special day is on the horizon—

SafeePayDay! 🌍✨ Join us in a global celebration, promoting secure, seamless, and responsible electronic transactions. 🌐💼

 

Stay tuned for the occasion when we collectively recognize the significance of secure ePayments, shaping a trustworthy financial landscape. 🎉💳

#SafeePayDay #DigitalTrust #SecureTransactions 🚀

 

📢 Disclaimer: Personal views. Focus on declaring Safe ePayDay.

Celebration is near!

Copyrights belong to the original holder.

Additional Reading Material: PM’s address in the 107th Episode of ‘Mann Ki Baat’ on 26 Nov, 2023 @ https://www.pmindia.gov.in/en/news_updates/pms-address-in-the-107th-episode-of-mann-ki-baat/

 

 

Tuesday, March 13, 2012

Axis Bank - Mohur Sliver Bars-- Extension of the Mohur Brand



7 bits of info on the Mohur Brand.
  1. The first launch was the Gold coins with Assay certification of being 24 carat and 99.99% purity.

  2. The Mohur Gold Bars are offered at the counter at its 1,400 plus branches located across the country.

  3. In March 2012, the Mohur Brand was extended to Silver Bars, with the launch of Mohur Silver Bars.

  4. The Mohur Silver Bars are 24 carat, imported from PAMP (Produits Artistiques Metaux Precieux) Switzerland, carry a 99.99% purity Assay certification and are packaged in a tamper proof cover.

  5. During the stabilization phase, the Mohur Silver Bars in 100gm denomination will be available for sales at its branches in major cities of Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad and Ahmedabad.

  6. In the near future, other cities will also be covered.

  7. The rectangular Silver Bars can be purchased by all Axis Bank /non-Axis Bank customers either by Cash, Credit/Debit Card or through Account debit.
The rate of Silver in India of the last 10 years can be read at this Blog







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All efforts have been made to make this information as accurate as possible, N Prashant will not be responsible for any loss to any person caused by inaccuracy in the information available on this Website. Relevent Official Gazettes Communications may be consulted for an accurate information. Any discrepancy found may be brought to the notice of N Prashant