The Reserve Bank of India (RBI) on March 22, 2024, issued a notification regarding Premature redemption under the Sovereign Gold Bond (SGB) Scheme- Redemption Price for premature redemption due on March 30, 2024 (SGB 2016-17 Series II)
The following has been stated namely: -
• This has a reference to the n terms of GOI Notification F.No.4(7) - W&M/2016 dated August 29, 2016 (SGB 2016-17 Series II-Issue date September 30, 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 March 30, 2024.
• 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).
• It further states that the redemption price for premature redemption due on March 30, 2024, shall be ₹6601/- (Rupees Six thousand Six hundred and One only) per unit of SGB based on the simple average of closing gold price for the week March 18-22, 2024.
[Press Release: 2023-2024/2106]
