The bonds will be denominated in multiples of gram of gold with a basic unit of 1 gm
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Hyderabad: Three schemes related to gold Sovereign Gold Bond, Gold Monetisation Scheme and the India Gold coin of the RBI were launched on Thursday by the PM Narendra Modi. The issue will be open for subscription from November 05-20 and the bonds will be issued on November 26. Applications for the bond will be accepted at branches of scheduled commercial banks and designated post offices. The bonds will be denominated in multiples of gram of gold with a basic unit of 1 gm.
Minimum permissible investment will be two units and the maximum will not be more than 500 grams per person per fiscal year. Commission at the rate of one per cent of the subscription amount will be paid to the banks/post offices. Price of the bonds will be in Indian Rupees on the basis of the previous week’s simple average closing price for gold of 999 purity, published by the India Bullion and Jewellers Association Ltd..
( Source : deccan chronicle )
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