Sovereign Gold Bond Scheme 2023-24: Issuance & Procedure

The Government of India has announced the Sovereign Gold Bond Scheme 2023-24, and the Reserve Bank of India (RBI) has released a detailed notification providing essential information for investors.

Subscription Dates and Issuance:

Investors can subscribe to the Sovereign Gold Bond Scheme 2023-24 through two series. Series I is open for subscription from June 19 to June 23, 2023, with the issuance scheduled for June 27, 2023. Series II can be subscribed from September 11 to September 15, 2023, with the issuance taking place on September 20, 2023. Please note that the Central Government reserves the right to close the scheme earlier, and prior notice will be provided in such cases.

Application Process:

To participate in the scheme, investors must complete the prescribed application form (Form A) or a similar form. The application form should include the preferred gold unit, personal details, and a valid PAN card issued by the Income Tax Department. Designated receiving offices, including scheduled commercial banks, post offices, and recognized stock exchanges, are authorized to accept applications directly or through agents. Upon submission, applicants will receive an acknowledgment receipt (Form B) from the receiving office.

Online Applications and Email Address:

For online applicants, it is mandatory to provide their email addresses. These email addresses should be uploaded on the E-kuber portal of the Reserve Bank of India, along with the subscription details. This ensures efficient communication and updates regarding the scheme.

Consolidated Procedural Guidelines:

Receiving offices are required to adhere to the Consolidated Procedural Guidelines issued by the RBI for servicing the bonds. These guidelines provide comprehensive instructions related to the scheme's operations and can be accessed on the RBI website. It is important for receiving offices to follow these guidelines while dealing with procedural aspects and providing service to investors.

Terms and Conditions:

Investors should familiarize themselves with the terms and conditions specified in the notification issued by the Government of India, Ministry of Finance (Department of Economic Affairs) F.No.4(2)-W&M/2018 dated March 27, 2018. These terms and conditions apply to the Sovereign Gold Bond Scheme 2023-24 and ensure compliance with the regulations.

Conclusion:

The Sovereign Gold Bond Scheme 2023-24 presents a lucrative investment opportunity for individuals looking to invest in gold. By understanding the subscription dates, following the application process, consulting designated receiving offices, and staying updated with the Consolidated Procedural Guidelines, investors can make informed decisions and capitalize on the potential benefits of this scheme.‍