Gold Price Today: From today, the central government is selling cheap gold, there is a chance till January 14, know what is the rate, how will you buy
If you are also planning to buy gold or silver at the beginning of the new year, then from today you have a great opportunity. Actually, the Modi government is going to sell cheap gold from today. Let us tell you that you will not get this gold in physical form. You will get an opportunity to invest in gold from January 10 to 14 under the Sovereign Gold Bond Scheme 2021-22.
Important things to know before buying
This is the ninth series of the Sovereign Gold Bond Scheme of the Government of India.
You will get a chance to shop for five days i.e. till January 14.
The Reserve Bank of India (RBI) has fixed the price for the scheme at ₹4,786 per gram.
The central government has decided to give a discount of Rs 50 per gram less than the price to the investors who apply online.
Payment against the application is done through digital mode
The issue price has to be paid to a SEBI authorized broker for purchase.
After the bond is sold, the money gets deposited in the investor's account.
Sovereign Gold Bonds offer a fixed interest rate of 2.50% per annum on the issue price.
This amount gets credited to your account every six months.
In this scheme, the tax will have to be paid according to the slab.
You must have a PAN card to invest.
Bonds are denominated in multiples of grams of gold with a basic unit of 1 gram.
The gold rate for Gold Bond will be equal to the average closing price of 999 purity gold published by Bullion & Jewelry Association of India Ltd.
These bonds will be sold through these mediums
These bonds will be sold through all banks, recognized stock exchanges, Stock Holding Corporation of India Limited, National Stock Exchange of India Limited and Bombay Stock Exchange Limited.
The term of the bond is eight years
The bond has a tenor of eight years and investors have an exit option after the fifth year, which is exercised on the next interest payment dates.
The scheme was started in the year 2015
It is to be known that a total of Rs 25,702 crore has been mobilized till the end of March 2021 from the SGB scheme 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 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 there is no response 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.