Sovereign Gold Bonds due for final redemption in 2024; check tentative redemption dates of SGBs & other details | India Business News

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SGBs redemption 2024: The Reserve Bank of India (RBI) yearly points Sovereign Gold Bond (SGB) tranches, outlining their issuance and redemption dates. These bonds have an eight-year tenor however permit untimely redemption after 5 years from the date of subject. According to ET, a number of SGBs from the 2016 collection are up for final redemption in 2024. Here are the tentative dates and details:
Sovereign Gold Bonds 2016-I
It is an 8-year bond that matured on February 8, 2024.Initially priced at Rs 2600 per gram, the final redemption quantity is Rs 6,271 for every SGB unit.
Sovereign Gold Bonds 2016-II
As per the RBI notification dated March 22, 2024, the final redemption date for Sovereign Gold Bonds 2016-II is ready for March 28, 2024 (March 29 being a vacation). The redemption quantity due on March 28, 2024, is Rs 6601 for every SGB unit.
Sovereign Gold Bond 2016-17 – Series I
The Sovereign Gold Bond 2016-17 – Series was issued at Rs 3,119 on August 5, 2016. Hence, the tentative final redemption date falls in the primary week of August 2024. These bonds carry an annual rate of interest of 2.75 p.c, paid semi-annually, with the final installment due together with the principal at maturity.
Sovereign Gold Bonds 2016-17 Series-II
The Sovereign Gold Bonds 2016-17 – Series II had been open for subscription from September 1 to September 9, 2016. Initially scheduled for launch on September 23, 2016, they had been later rescheduled to September 30, 2016, with a problem worth of Rs 3,150. The tentative redemption date is ready for the final week of September 2024. These bonds carry an annual rate of interest of 2.75 p.c, paid semi-annually, with the final installment due together with the principal at maturity. Redemption for this tranche is anticipated to happen in September 2024.
ALSO READ | Sovereign Gold Bonds Scheme 2023-24 Series IV subscription: Applied on-line or offline? Here’s the best way to check allotment details
Sovereign Gold Bonds 2016-17 – Series III
Applications for the bond had been accepted from October 24 to November 2, 2016, and the bonds had been issued on November 17, 2016, at an issuance worth of Rs 3007 per gram. The final redemption date is anticipated to be round November 17, 2024. Investors will obtain compensation at a hard and fast price of 2.50 p.c each year, paid semi-annually on the nominal worth.
Important word
It is necessary to notice that the final redemption date might range relying on financial institution working days and other components. The RBI will ship notifications by way of e mail and SMS to SGB buyers one month earlier than the redemption date.
Calculation of redemption worth
The redemption worth will probably be in Indian Rupees, decided by the earlier week’s (Monday-Friday) easy common of the closing worth of gold of 999 purity printed by IBJA.
Determination of subject worth
The worth of the bond will probably be set in Indian Rupees primarily based on the easy common of the closing worth of gold of 999 purity printed by the India Bullion and Jewellers Association Limited for the week (Monday to Friday) previous the subscription interval. The subject worth of the Gold bonds will probably be Rs 50 per gram lower than the nominal worth.
Tax therapy
The curiosity earned on Gold Bonds is topic to taxation beneath the provisions of the Income Tax Act, 1961 (43 of 1961). However, the capital positive aspects tax arising from the redemption of SGB by people has been exempted. Indexation advantages will probably be offered for long-term capital positive aspects arising from the switch of bonds to any particular person.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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