 "RBI, Reserve Bank of India")
The Reserve Bank of India (RBI) on Friday said the price for premature redemption of Sovereign Gold Bonds (SGBs), due on November 20, will be Rs 6,076 per unit.
"The redemption price for the premature redemption due on November 20, 2022 shall be Rs 6,076 per unit of SGB, based on the simple average of closing gold price for three business days -- November 15, 16, and 17, 2023," the RBI said.
SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold.
Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The bond is issued by the RBI on behalf of the Government of India.
As per the government notification on SGB issued on January 14, 2016, redemption may be permitted after the fifth year from the date of issue of such gold bonds on the date on which interest is payable.
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