Introduction: The Reserve Bank of India (RBI) has recently announced Series III and IV of the Sovereign Gold Bond Scheme 2023-24, as per Notification No F.No.4(6)-B (W&M)/2023 dated December 08, 2023. This article provides a comprehensive overview of the scheme, highlighting key details and important dates.
Detailed Analysis:
1. Date of Issue: The bonds under Series III and IV will be issued on specific dates, with Series III subscriptions open from December 18 to December 22, 2023, and issuance on December 28, 2023. For Series IV, subscriptions will be accepted from February 12 to February 16, 2024, and issuance on February 21, 2024.
2. Period of Subscription: The subscription period for the Gold Bonds is from Monday to Friday on the specified dates. However, the Central Government reserves the right to close the scheme earlier with prior notice.
3. Application Process: Investors can apply using the prescribed Form A, specifying the desired units of gold (in grams) and providing personal details. Valid PAN details issued by the Income Tax Department are mandatory. Designated Scheduled Commercial Banks, Post Offices, and recognized stock exchanges are authorized receiving offices. Acknowledgment receipts (Form B) will be issued upon application.
4. Online Applications: All online applications must include the investor’s email ID, uploaded on the Ekuber portal of RBI along with subscription details.
5. Procedural Guidelines: Receiving Offices have the responsibility of servicing SGB investors and must adhere to procedural guidelines issued by RBI. Consolidated Procedural Guidelines are available on the RBI website, guiding Receiving Offices on procedural aspects and customer service.
6. Terms and Conditions: All terms and conditions specified in the Government of India’s notification dated March 27, 2018, shall apply to the Bonds.
Conclusion: The announcement of Series III and IV of the Sovereign Gold Bond Scheme 2023-24 by RBI provides investors with opportunities to invest in gold with the backing of the Government of India. Understanding the issuance dates, subscription periods, and application procedures is crucial for those looking to participate in this investment avenue. For further details, investors are encouraged to refer to the official notification and guidelines provided by RBI.
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Reserve Bank of India
RBI/2023-2024/87
IDMD.CDD.No.2128/14.04.050/2023-24
December 11, 2023
Scheduled Commercial Banks (as per the list attached),
Designated Post Offices (as per the list attached)
Stock Holding Corporation of India Ltd.
National Stock Exchange of India Ltd, Bombay Stock Exchange Ltd.
Clearing Corporation of India Ltd.
Madam/Dear Sir,
Sovereign Gold Bond (SGB) Scheme 2023-24
Government of India, vide its Notification No F.No.4(6)-B (W&M)/2023 dated December 08, 2023, has announced Series III and IV of Sovereign Gold Bond Scheme 2023-24. Under the Scheme, there will be a distinct series (Series III and IV) which will be indicated on the Bond issued to the investor. The terms and conditions of the issuance of the Bonds shall be as per the above notification.
2. Date of Issue
The bonds shall be issued as per the details given below:
|
S. No. |
Tranche | Date of Subscription | Date of Issuance |
| 1. | 2023-24 Series III | December 18 – December 22, 2023 | December 28, 2023, Thursday |
| 2. | 2023-24 Series IV | February 12 – February 16, 2024 | February 21, 2024, Wednesday |
3. Period of subscription
The Subscription of the Gold Bonds under the Scheme shall be open (Monday to Friday) on the dates specified above, provided that the Central Government may, with prior notice, close the Scheme at any time before the period specified above.
4. Application
Subscription for the Bonds may be made in the prescribed application form Form A or in any other form as near as thereto, stating clearly the units (in grams) of gold and the full name and address of the applicant. Every application must be accompanied by valid ‘PAN details’ issued by the Income Tax Department to the investor(s). Designated Scheduled Commercial Banks, Designated Post Offices, Stock Holding Corporation of India Ltd., Clearing Corporation of India Ltd. and the recognized stock exchanges, viz. National Stock Exchange of India Ltd. and Bombay Stock Exchange Ltd. are the Receiving Offices which are authorized to receive applications for the Bonds either directly or through agents and render all services to the customers. The Receiving Office shall issue an acknowledgment receipt in Form B to the applicant.
5. All online applications should be accompanied by email Id of the investor/s which should be uploaded on the Ekuber portal of Reserve Bank of India along with the subscription details.
6. In addition to receipt of application, the Receiving Offices are also entrusted with the responsibility of providing service to the investors of the SGB and are required to be guided by the instructions issued by the Reserve Bank of India in this regard from time to time. With a view to facilitate availability of all current operative instructions regarding servicing of these bonds at one place, Reserve Bank of India has issued Consolidated Procedural Guidelines vide circular IDMD.CDD.1100/14.04.050/2021-22 dated October 22, 2021(updated as on October 04, 2022) and the same is available on its website. The Receiving Offices shall be guided by these instructions while dealing with all the procedural aspects and providing service to the investors.
7. All other terms and conditions specified in the notification of the Government of India, Ministry of Finance (Department of Economic Affairs) F.No.4(2)-W&M/2018 dated March 27, 2018 shall apply to the Bonds.
Yours faithfully,
(G Anandakrishnan)
Deputy General Manager
