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Mumbai, Apr 17 () The issue price for the Sovereign Gold Bond has been fixed at Rs 4,639 per gram of the yellow metal, the Reserve Bank said in a statement on Friday. The Sovereign Gold Bond Scheme 2020-21-Series I will be opened for subscription from April 20 to 24, 2020. Earlier this week, the central bank had said the government will issue Sovereign Gold Bonds (SGBs) in six tranches beginning April 20 till September. Sovereign Gold Bond 2020-21 will be issued by the Reserve Bank of India (RBI) on behalf of the government. "The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity of the last three business days of the week preceding the subscription period...works out to Rs 4,639 per gram of gold," the RBI said. It further said the government has also decided to offer a discount of Rs 50 per gram to those investors applying online and where payment against the application is made through digital mode. For such investors, the issue price of bond will be Rs 4,589 per gram of gold. The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram and the tenor of the SGB will be eight years with exit option after fifth year to be exercised on the interest payment dates. The bonds are restricted for sale to resident individuals, HUFs, trusts, universities and charitable institutions. The minimum permissible investment will be 1 gram of gold and the maximum limit of subscription shall be 4 Kg for individuals, 4 Kg for HUFs and 20 Kg for trusts and similar entities per fiscal (April-March). The gold bond will be sold through banks (except small finance banks and payment banks), Stock Holding Corporation of India (SHCIL), designated post offices, and recognised stock exchanges (NSE and BSE). The sovereign gold bond scheme was launched in November 2015 with an objective to reduce the demand for physical gold and shift a part of the domestic savings -- used for the purchase of gold -- into financial savings. NKD BAL ABMABM

Gold bond issue price fixed at Rs 4,639/gm: RBI

In order to attract masses to invest in gold, the Indian government announced various gold investment and savings schemes, like the Gold Monetisation Scheme. However, these schemes got a lukewarm response by people due to lack of awareness, says a recent study by researchers of Institute for Financial Management and Research (<keyword id="218689" type="ORGANIZATION" weightage="100" keywordseo="IFMR">IFMR</keyword>), funded by India Gold Policy Centre (IGPC) of the Indian Institute of Management Ahmedabad (<keyword id="42512" type="COMPANY" weightage="100" keywordseo="IIM-A">IIM-A</keyword>). For the study, researchers covered 1000 respondents across four districts, namely Kolhapur in Maharashtra, Coimbatore in Tamil Nadu, Hooghly in West Bengal and Saharanpur in Uttar Pradesh. As per the results, out of total 1000 respondents, only five persons were aware about government's <keyword id="2212607" type="UNKNOWN" weightage="100" keywordseo="gold-schemes">gold schemes</keyword>, such as Gold Monetisation Scheme, Sovereign Gold Bond Scheme and Gold Coin Scheme. "We found that people had little or no awareness about these three gold schemes, which were introduced two years back by the Centre. Out of 1000 respondents in four districts, only five knew about these schemes," said Misha Sharma, one of the researchers from IFMR. Experts are of the opinion that the government should start marketing the schemes so that people can be made aware. "Around 15,000 tonnes of gold, in the form of jewellery is lying idle with citizens across the country. The study had revealed that people are willing to invest in these schemes if they got adequate information about them. It shows that there is indeed a potential," said IGPC Head Prof. Arvind Sahay. "Apart from beefing up marketing efforts, banks should also be motivated to promote gold loan, so that they go out and convince people to opt for such loans. We don't see such motivation by banks at present," he added. (Image source Good Moneying)

Government's gold schemes are not attracting masses, says IGPC IIM-A study

New Delhi, Jun 22 () State Bank of India (SBI) has mobilised 13,212 kg of household and institutional gold through the Gold Monetisation Scheme (GMS), according to the state-owned bank's annual report. It added that the country's largest lender collected as much as 3,973 kg of gold during 2019-20 under the GMS, a programme launched by the government to utilise gold lying idle with individuals as well as trusts. "During FY2020, (the) bank mobilised gold amounting to 3,973 kgs, bringing the cumulative mobilisation to 13,212 kgs," said SBI in the report. The government launched the GMS in November 2015 to mobilise idle gold held by households and institutions. The objective of the scheme was to facilitate use of idle gold for productive purposes, and also reduce the country's dependence on imports. The bank further said that during 2019-20, it mobilised 647 kg (Rs 243.91 crore) through sovereign gold bonds (SGB), thus taking the total gold mobilised since inception of the scheme to 5,098 kg (Rs 1,561 crore). The SGB scheme was introduced by the government during 2015-16 to promote digital gold instead of physical gold for investment purposes. As a primary player in the field of bullion banking, the bank has been making available metal gold loan to jewellers engaged in manufacturing of gold ornaments for the domestic and export purposes. During 2019-20, the bank extended metal gold loan to jewellers to the extent of 22,255 kg and sold 2,522 kg of gold under the 'Sale of Gold' scheme to jewellers and traders. NKD CS HRS

SBI mobilises 13,212 kg gold through Gold Monetisation Scheme

The new series of Sovereign Gold Bonds 2021-22 will be opened May 17-21, 2021, and the issue price during the subscription period shall be ₹4,777 per gram. The settlement date under the Series I scheme had been fixed for May 25. The government, in consultation with the Reserve Bank of India, has decided to allow discount of ₹50 per gram from the issue price to those investors who apply online and the payment is made through digital mode. For such investors, the issue price of the Gold Bond will be ₹4,727 per gram of gold. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/go-air-has-filed-for-a-3600-crore-ipo-at-a-very-desperate-time/articleshow/82626097.cms" data-type="tilCustomLink" target="_blank">Go Air has filed for a ₹3,600 crore IPO at a very desperate time</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/heres-why-the-spike-in-inflation-in-the-us-may-worry-markets-in-india/articleshow/82597218.cms">Here's why the spike in inflation in the US may worry markets in India ⁠— but experts say don’t panic yet</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-responds-to-privacy-criticism-by-alleging-other-apps-like-zomato-ola-aarogya-setu-zoom-google-and-other-apps/articleshow/82570897.cms">WhatsApp responds to privacy criticism by alleging that other apps and tech companies also show disdain for user privacy</a>

There is an online discount on the new Sovereign Gold Bond Scheme opening on Monday priced at ₹4,777 per gram

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.gettyimages.com/photos/gold-bars?excludenudity=true&amp;family=editorial&amp;page=4&amp;phrase=gold%20bars&amp;sort=#license">Getty Images/Dario Pignatelli/Bloomberg</a></div></div></div>"A perfect storm" in markets has left investors scrambling to add gold to their portfolios for protection, according to the World Gold Council.Investors have another prime and relatively safe choice in the government bonds of developed markets, but that has been compromised by "unconventional monetary policy," the council said in its <a href="http://www.gold.org/download/file/5065/Market-Update-Failed-monetary-policies-lift-gold.pdf">market update</a> for August.The yields on developed-market government bonds have trended lower as demand has risen.Sovereign authorities like the European Central Bank are stoking this demand through their bond purchases, which are pushing down yields.As bond prices rise, their yields fall. And this policy approach by central banks has left investors questioning its effectiveness as they scramble for better yield elsewhere, like in gold.Gold prices have surged 27% this year, outperforming many other commodities and the S&amp;P 500.The council used the Bank of Japan's weak bond auction as an example of what it believes investors think of central banks.On Tuesday, a Japanese 10-year bond auction drew the weakest demand in five months. That was after Japan announced a <a href="http://www.businessinsider.com/japan-stimulus-package-august-2016-2016-8">stimulus package</a> worth over ¥28 trillion ($275 billion), but smaller than markets had expected. The World Gold Council, which sponsors the SPDR Gold Trust, one of the largest exchange-traded funds in the world that is backed by gold, argued:"Many analysts are interpreting weak Japanese Government Bond demand as a signal that investors are starting to lose confidence in the effectiveness of unconventional monetary policies, following increasingly desperate bids by the world's central banks to reflate the global economy. In this environment, we believe investors are using gold to hedge portfolio risk as they add more stocks."<div class="KonaFilter image-container display-table float_left click-to-enlarge"><div><div class="image on-image"><a title_source="World Gold Council" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/57a234b7db5ce9b2008b4891-960/screen shot 2016-08-03 at 2.02.38 pm.png"></a>World Gold Council</div></div></div>The WGC said that as central banks add more bonds to their balance sheets, they are limiting the amount that's available to investors."In reality, we estimate that less than 40% of DM sovereign bonds (US$10 trillion) have a positive yield and are 'available' to investors, while only 17% (US$4.4 trillion) is yielding more than 1%," the council said. "In our view, lower opportunity costs and a more limited set of investable assets has, in turn, notably increased the lure of gold." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/gold-medals-rio-2016-olympics-brazil-paralympics-2016-7">Here's how gold medals are made for the Rio Olympics</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="pvYXB2NDE66yJrdnS48EYdgwyWSk1koZ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "Sovereign gold bond scheme application" and got 5 results

Gold bond issue price fixed at Rs 4,639/gm: RBI

PTI

Government's gold schemes are not attracting masses, says IGPC IIM-A study

BI India Bureau

SBI mobilises 13,212 kg gold through Gold Monetisation Scheme

PTI

There is an online discount on the new Sovereign Gold Bond Scheme opening on Monday priced at ₹4,777 per gram

IANS

'A perfect storm' is making gold one of the hottest assets on the planet

Akin Oyedele

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