Tag: Stock Holding Corporation of India Limited

RBI streamlines process for redressal of complaints related to Sovereign Gold Bond, BFSI News, ET BFSI

Banking & Finance

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Mumbai: The Reserve Bank on Thursday said it has streamlined the process for redressal of investors complaints related to Sovereign Gold Bond to make it more effective. The sovereign gold bond scheme was launched in November 2015 to reduce the demand for physical gold and shift a part of the domestic savings — used for the purchase of gold — into financial savings.

To streamline the customer complaint handling process and make it more effective, the RBI said the nodal officer of the Receiving Office (RO) will be the first point of contact for attending to the queries/ complaints of their customers.

Receiving Offices refer to banks, Stock Holding Corporation of India Limited (SCHIL), designated Post Offices, and recognised stock exchanges (NSE and BSE).

In case the issue is unresolved, an escalation matrix at the ROs will be used to resolve customer grievance, the Reserve Bank said.

“The investor may approach Reserve Bank of India at sgb@rbi.org.in if no reply is received from the RO within a period of one month of lodging the complaint or the investor is not satisfied with the response of the RO,” the central bank said.

The price of the bond is fixed in Indian Rupees based on a simple average closing price of gold of 999 purity, published by the India Bullion and Jewellers Association Limited for the last 3 working days of the week preceding the subscription period.

Sovereign Gold Bond is denominated in multiples of gram (s) of gold with a basic unit of 1 gram. The tenor of the bond will be for eight years with an exit option after the 5th year to be exercised on the next interest payment dates.

The minimum permissible investment is 01 gram of gold. The maximum limit of subscription is 4 KG for individuals, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal (April-March).



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Issue price fixed at Rs 4,807/gm; subscription opens on Monday, BFSI News, ET BFSI

Banking & Finance

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Mumbai: The issue price for Sovereign Gold Bond Scheme 2021-22, which will open for subscription for five days from July 12, has been fixed at Rs 4,807 per gram of gold, the Reserve Bank of India said on Friday. The Sovereign Gold Bond Scheme 2021-22 – Series IV or the fourth tranche will be open for subscription from July 12 – 16, 2021.

“The nominal value of the bond…works out to Rs 4,807 per gram of gold,” the RBI said.

The government, in consultation with the Reserve Bank of India (RBI), also provides a discount of Rs 50 per gram to those investors applying online and the payment against the application is made through digital mode.

“For such investors, the issue price of Gold Bond will be Rs 4,757 per gram of gold,” the RBI said.

The issue price for Series III, which was open for subscription during May 31 to June 4, 2021, was Rs 4,889/gm.

Earlier, the government had announced it will issue the Sovereign Gold Bond (SGB) in six tranches from May 2021 to September 2021. The RBI will issue the bonds on behalf of the Government of India.

The bonds will be sold through banks (except small finance banks and payment banks), Stock Holding Corporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges viz., National Stock Exchange of India Limited and BSE.

A total of Rs 25,702 crore has been raised through the SGB Scheme till end-March 2021 since its inception.

The Reserve Bank had issued 12 tranches of SGB for an aggregate amount of Rs 16,049 crore (32.35 tonnes) during 2020-21.

The scheme was launched in November 2015 with an objective to reduce the demand for physical gold and shift a part of the domestic savings — used for the purchase of the yellow metal — into financial savings.

Price of the bond is fixed in Indian rupees on the basis of simple average of closing price of gold of 999 purity, published by the India Bullion and Jewellers Association Limited for the last three working days of the week preceding the subscription period.

The bonds are denominated in multiples of gram (s) of gold with a basic unit of 1 gram. The tenor of the bond is for a period of 8 years with exit option after 5th year to be exercised on the next interest payment dates.

Minimum permissible investment is 1 gram of gold. The maximum limit of subscription is 4 kg for individual, 4 kg for Hindu Undivided Family (HUF) and 20 kg for trusts and similar entities per fiscal (April-March).

The know-your-customer (KYC) norms are the same as that for purchase of physical gold.



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