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Govt to launch sovereign gold bond scheme on 9 October, 2017

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The government has decided to issue the next tranche of Sovereign Gold Bonds 2017-18, Series-III from October 9. The finance ministry said that the bonds will be sold through banks, Stock Holding Corporation of India Limited, designated post offices and recognised stock exchanges namely the NSE and BSE.

The sovereign gold bond scheme was launched in November 2015 with an objective to reduce the demand for physical gold and shift a part of the domestic savings, used for the purchase of gold, into financial savings.

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 grams per person per fiscal year.

The maximum limit of subscribed would be 4 kg for individual and HUF and 20 kg for trusts and similar entities per fiscal notified by the government from time to time.

To promote digital payment, the issue price of the gold bonds will be 50 rupees per gram less for those who subscribe online and pay through digital mode.

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