On 14-6-2023, the Ministry of Finance notified the Sovereign Gold Bond Scheme 2023-24 having distinct Series which will be indicated on the Bond issued to the investor. The provisions came into force on 14-6-2023.
Key Points:
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Bonds issued under this Scheme can be held by a Trust/ HUFs/ Charitable Institution/ University/ resident of India/ an individual/ individual behalf of minor.
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Application for subscribing for Gold Bonds has to be made to any Receiving Officer in Form A.
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Every application made will be accompanied by the ‘PAN Number’ issued by the Income Tax Department to individuals and other entities.
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The bond will be issued in the form of a Stock Certificate as specified in Form C.
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The bonds can be converted into Demat Form.
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The Interest on bonds will commence from the date of issue and payable at fixed rate of 2.50% p.a. on the nominal value of bond.
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Redemption- on expiration of 8 years from the date of issue the bond will be redeemed in Indian Rupees.
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These Bonds can be used as collateral security for availing loan.
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Transfer and Trading of Gold bonds are allowed.
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Forms-
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Form A- Application for subscribing
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Form B- Acknowledgment Receipt by Receiving Officer
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Form C- Issue of Gold Bonds
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Form D- Nomination
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Form E- Cancellation
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Form F- for Transfer of Gold Bonds
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