The Reserve Bank of India (RBI) Issued a notification regarding the Premature redemption under Sovereign Gold Bond Scheme - Redemption Price for premature redemption due on May 17, 2023
The following has been stated namely: -
•This has a reference to the GOI Notification F.No.4(16) - W&M/2016 dated October 20, 2016 (SGB 2016-17, Series III - Issue date November 17, 2016) 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 17, 2023.
•It further states that the redemption price of SGB shall be based on the simple average of the closing gold price of 999 purities, of the week (Monday-Friday), preceding the date of redemption, as published by the India Bullion and Jewellers Association Ltd (IBJA). Accordingly, the redemption price for the premature redemption due on May 17, 2023, shall be ₹6,135/- (Rupees Six thousand one hundred thirty-five only) per unit of SGB based on the simple average of closing gold price for the week of May 08 - May 12, 2023
[Notification No. 2023-2024/224]
