The Reserve Bank of India (RBI) on October 13, 2023, issued a notification regarding the Premature redemption under the Sovereign Gold Bond Scheme - Redemption Price for premature redemption due on October 16, 2023 (SGB 2017-18 Series III)
This has a reference to the GOI Notification F.No.4(25) - W&M/2017 dated October 06, 2017 (SGB 2017-18 Series III - Issue date October 16, 2017) on Sovereign Gold Bond Scheme.
The following has been stated namely: -
• It states that the premature redemption of a Gold Bond may be permitted after the fifth year from the date of issue of such Gold Bond on the date on which interest is payable. Accordingly, the next due date of premature redemption of the above tranche shall be October 16, 2023.
• 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 3 business days from the date of redemption as published by the India Bullion and Jewellers Association Ltd (IBJA).
• The redemption price for premature redemption due on October 16, 2023, shall be ₹5813/- (Rupees Five thousand eight hundred thirteen only) per unit of SGB based on the simple average of closing gold price for three business days October 11-13, 2023.
[Press Release: 2023-2024/1113]
