The Reserve Bank India (RBI) on October 20, 2023, issued a notification regarding the Premature redemption under the Sovereign Gold Bond (SGB) Scheme - Redemption Price for premature redemption due October 23, 2023 (SGB 2017-18 Series IV and SGB 2018-19 Series II)
The following has been stated namely: -
• This has a reference to the terms of GOI Notification F.No.4(25) - W&M/2017 dated October 06, 2017 (SGB 2017-18 Series IV - Issue date October 23, 2017) and F.No. 4(22)-B(W&M)/2018 dated October 08, 2018 (SGB 2018-19 Series II – Issue date October 23, 2018) 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 tranches shall be October 23, 2023.
• It 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).
• It further states that the redemption price for premature redemption due on October 23, 2023, shall be ₹6016/- (Rupees Six thousand and sixteen only) per unit of SGB based on the simple average of closing gold price for three business days i.e., October 18-20, 2023.
[Press Release ID: 2023-2024/1158]
