The Reserve Bank of India (RBI) on March 07, 2024, issued a notification regarding the Premature redemption under the Sovereign Gold Bond (SGB) Scheme- Redemption Price for premature redemption due on March 16, 2024 (March 17, 2024 being Sunday) (SGB 2016-17 Series IV)
The following has been stated namely: -
• This has a reference to the In terms of GOI Notification F.No.4(16) - W&M/2016 dated February 23, 2017 (SGB 2016-17 Series IV-Issue date March 17, 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 for premature redemption of the above tranche shall be March 16, 2024 (March 17, 2024, being Sunday).
• It further states that, the redemption price of SGB shall be based on a simple average of the closing gold price of 999 purity, 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 premature redemption due on March 16, 2024 (March 17, 2024, being Sunday) shall be ₹6438/- (Rupees Six thousand four hundred and thirty-eight only) per unit of SGB based on the simple average of closing gold price for the week March 04-07, 2024.
[Notification No. 2023-2024/2022]
