The RBI on Friday announced the calendar for issuance of SGBs or sovereign gold bonds for the first half of FY 2019-20. In a statement, the RBI said, bonds will be issued every month from June-September 2019.
The first tranche of SGBs will open for subscription on June 3 while the second tranche to be released in July will open on 8th of the month. 2019-20 Series III and 2019-20 Series IV of SGB will be open for subscription from August 5 and September 9, respectively, the RBI release said.
"The Bonds will be sold through Scheduled Commercial banks (except Small Finance Banks and Payment Banks), Stock Holding Corporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges viz, National Stock Exchange of India Limited and Bombay Stock Exchange Limited," it said.
In November of 2015, the government of India introduced sovereign gold bond scheme to curb increased import of gold into the country and also to promote savings in gold in SGB form that provides an annual interest of 2.5% p.a.
Under the scheme, the bonds are denominated in units of one gram of gold and multiples thereof. Minimum investment in the bonds is one gram with a maximum limit of subscription of 500 gram per person per fiscal year (April-March). The maximum subscription is 4 kg for individual and for HUFs, trusts and other similar entities, it is 20 kg per fiscal (April-March).