Convenience : Any problem regarding this government scheme of Gold? So now complaints will be resolved like this
Sovereign Gold Bond Scheme (SGB) is one of the most profitable investment schemes in gold. Under this, the government gives investors an opportunity to buy gold at cheaper rates than the market price. In the same month, the government had opened the sixth series of the financial year 2021-22 for investment in gold bonds. Now the Reserve Bank of India (RBI) has streamlined the process for redressal of investor complaints related to it.
The scheme started in 2015
It is to be known that a total of Rs 25,702 crore has been raised till the end of March 2021 from the SGB scheme which started in the year 2015. The Reserve Bank had issued 12 series of SGBs for a total amount of Rs 16,049 crore (32.35 tonnes) during 2020-21. The scheme was introduced to reduce the physical demand for gold and to transfer the household savings used in its purchase to financial savings.
This is how complaints will be settled
The Nodal Officer of the Receipt Office (RO) will be the first point of contact for further improvement in the processing of consumer complaints. The central bank said that the receipt office here means banks, Stock Holding Corporation of India Limited (SCHIL), designated post office, and recognized stock exchanges (NSE and BSE). If the issue is not resolved, the consumer grievance will be resolved through the extension framework in the RO.
You can complain to the Reserve Bank
On the other hand, if the response is not received within one month of filing the complaint, or the investor is not satisfied with the reply of the RO, he can complain to the Reserve Bank at firstname.lastname@example.org.
Under the scheme, the price of gold is decided like this
The face value of the bond is based on the simple average closing price (published by India Bullion and Jewelers Association) price over the past three working days for 999 purity gold. The minimum allowable investment is one gram of gold and a maximum of four kilograms per person. The maximum investment limit for Hindu Undivided Family is also four kilograms. Whereas for Trusts it is 20 kg.