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Expansion
The central government is once again giving people a chance to buy gold cheaply. Actually, from June 20, the first series of the Government Gold Bond (SGB) scheme 2022-23 is starting. Under this, the bond will be sold till June 24 and the price has been fixed at Rs 5,091 per gram.
This scheme was started in 2015
The Government Gold Bond Scheme scheme was first introduced in November 2015 with an intention to reduce the physical demand for gold. In the last financial year 2021-22, a total of Rs 12,991 crore worth of bonds were issued in 10 installments under the scheme. Now the first series for the current financial year is about to start. The second series of Swarna Bond Scheme 2022-23 will be available for application from 22 to 26 August.
Extra discount on online purchases
Investors who apply and pay online for this gold bond, they also get a discount. The Government of India, in consultation with RBI, has also decided to give a discount of Rs 50 per gram on the nominal value to those investors who will make the payment through online application and digital mode only. In this way, those who shop online will save Rs 50 per gram, i.e. investors will have to pay Rs 5059 per gram in digital mode.
You can buy gold bonds from here
RBI issues these gold bonds on behalf of the Government of India. These bonds will be sold through banks (except small finance banks and payment banks), Stock Holding Corporation of India Limited, designated post offices and recognized stock exchanges such as National Stock Exchange of India Limited and Bombay Stock Exchange Limited.
Prices are determined in this way
The objective of starting this scheme was to reduce the demand for physical gold. The bond price is determined on the basis of simple average of closing price of 999 purity gold issued by India Bullion & Jewelers Association Limited for the last 3 working days of the week preceding the subscription period.
Can invest one gram of gold
Under the Sovereign Gold Bond Scheme, a person can buy a maximum of 500 grams of gold bonds in a financial year. Whereas the buyer can invest at least one gram of gold. Apart from this, a maximum of four kg gold bonds can be purchased.