The Reserve Bank of India (RBI) on May 11, 2023, issued a notification regarding the Premature redemption under Sovereign Gold Bond Scheme - Redemption Price for premature redemption due on May 12, 2023
The following has been stated namely: -
• This has a reference to the GOI Notification F. No. 4(25) - W&M/2017 dated October 06, 2017 (SGB 2017-18, Series VII - Issue date November 13, 2017) on Sovereign Gold Bond Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable.
• It states that the next due date of premature redemption of the above tranche shall be May 12, 2023 (May 13, 2023, being a non-working Saturday).
• It further states that the redemption price of SGB shall be based on the simple average closing gold price of 999 purity of the previous three business days from the date of redemption as published by the India Bullion and Jewellers Association Ltd (IBJA). Accordingly, the redemption price for premature redemption due on May 12, 2023 (May 13, 2023, is a non-working Saturday) shall be ₹6,154/- (Rupees Six thousand one hundred fifty-four only) per unit of SGB based on the simple average of closing gold price for the period May 09-11, 2023.
[Press Release 2023-2024/211]
