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Understanding the Sovereign Gold Bond Scheme 2023-24 (Series IV)

February 10, 2024 12:55 PM IST

government of India | RBI | Investment | Ministry of Finance | Gold Bond

The Ministry of Finance, in collaboration with the Reserve Bank of India (RBI), is set to launch the Sovereign Gold Bond Scheme 2023-24 (Series IV), which will be open for subscription from February 12th to February 16th, 2024. This scheme allows investors to subscribe to gold bonds issued by the Government of India.

As per the Government of India Notification No.4(6)-B(W&M)/2023 dated December 08, 2023, the subscription period for Sovereign Gold Bonds 2023-24 (Series IV) will commence on February 12th, 2024, and conclude on February 16th, 2024. The settlement date for the bonds is scheduled for February 21st, 2024. During the subscription period, the issue price of the bond will be ₹6,263 per gram, as announced by the RBI in their Press Release dated February 09, 2024.

Moreover, the Government of India, in consultation with the Reserve Bank of India, has introduced a discount of ₹50 per gram for investors who apply online and make payments through digital mode. This means that eligible investors will have the opportunity to purchase the Sovereign Gold Bonds at a reduced price of ₹6,213 per gram of gold.

The Sovereign Gold Bond Scheme offers investors an alternative avenue for investing in gold, as it provides the benefits of both gold investment and fixed income securities. By subscribing to these bonds, investors can participate in the potential appreciation of gold prices while also earning fixed interest income.

This initiative aims to promote financial inclusion and encourage individuals to invest in gold in a convenient and secure manner. It also supports the government’s efforts to reduce the reliance on physical gold imports, thereby contributing to the country’s economic stability and fiscal objectives.

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Last updated on: 16th June 2024