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Gold June 19, 2023 05:10:54 PM

First Tranche of Sovereign Gold Bonds Opened for Subscription

Paul Ploumis
ScrapMonster Author
Investors will not have to pay capital gains tax if held for a period of 8 years.

First Tranche of Sovereign Gold Bonds Opened for Subscription

SEATTLE (Scrap Monster): The Ministry of Finance in India announced that two tranches of sovereign gold bonds (SGBs) will be issued during the initial half of the current financial year.

The first tranche will be available for subscription from today (Monday, 19th June, 2023) until next Friday (23rd June, 2023). The issue price of Series-1 SGB scheme 2023-’24 has been fixed at INR 5,926 per gram, Those investors who subscribe to the scheme online would receive an additional discount of INR 50 per gram. The second tranche will open from 11th September, 2023 and will end on 15th September.

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The SGBs can be purchased from scheduled commercial banks (except Small Finance Banks, Payment Banks, and Regional Rural Banks), Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices and recognized stock exchanges, either directly or through registered agents.

Investors will not have to pay capital gains tax if held for a period of 8 years. They will be paid interest at the rate of 2.5% per annum, which will be paid semi-annually. Moreover, the bonds can be pledged as collateral for availing loan. Above all, they are traded on exchanges are highly liquid, thus making them an ideal investment option.

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