Sovereign Gold Bonds due for closing redemption in 2024; examine tentative redemption dates of SGBs & different particulars | India Enterprise Information – Occasions of India

SGBs redemption 2024:The Reserve Financial institution 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 situation. In accordance with ET, a number of SGBs from the 2016 sequence are up for closing redemption in 2024. Listed here are the tentative dates and particulars:
Sovereign Gold Bonds 2016-I
It’s an 8-year bond that matured on February 8, 2024.Initially priced at Rs 2600 per gram, the ultimate 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 ultimate 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 – Sequence I
The Sovereign Gold Bond 2016-17 – Sequence was issued at Rs 3,119 on August 5, 2016. Therefore, the tentative closing redemption date falls within the first week of August 2024. These bonds carry an annual rate of interest of two.75 p.c, paid semi- yearly, with the final installment due together with the principal at maturity.
Sovereign Gold Bonds 2016-17 Sequence-II
The Sovereign Gold Bonds 2016-17 – Sequence II have been open for subscription from September 1 to September 9, 2016. Initially scheduled for launch on September 23, 2016, they have been later rescheduled to September 30, 2016, with a difficulty value 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 two.75 p.c, paid semi-annually, with the ultimate installment due together with the principal at maturity. Redemption for this tranche is anticipated to happen in September 2024.
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Sovereign Gold Bonds 2016-17 – Sequence III
Functions for the bond have been accepted from October 24 to November 2, 2016, and the bonds have been issued on November 17, 2016, at an issuance value of Rs 3007 per gram. The ultimate redemption date is anticipated to be round November 17, 2024. Traders will obtain compensation at a hard and fast fee of two.50 p.c every year, paid semi-annually on the nominal worth.
necessary notice
You will need to notice that the ultimate redemption date might range relying on financial institution working days and different 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 value
The redemption value will probably be in Indian Rupees, decided by the earlier week’s (Monday-Friday) easy common of the closing value of gold of 999 purity revealed by IBJA.
Willpower of situation value
The worth of the bond will probably be set in Indian Rupees primarily based on the easy common of the closing value of gold of 999 purity revealed by the India Bullion and Jewelers Affiliation Restricted for the week (Monday to Friday) previous the subscription interval. The problem value of the Gold bonds will probably be Rs 50 per gram lower than the nominal worth.
tax remedy
The curiosity earned on Gold Bonds is topic to taxation below the provisions of the earnings tax Act, 1961 (43 of 1961). Nevertheless, the capital beneficial properties Tax arising from the redemption of SGB by people has been exempted. Indexation advantages will probably be supplied for long-term capital beneficial properties arising from the switch of bonds to any particular person.