'Gold Bond' VII to be issued at Rs 4,765 per gram

'Gold Bond' VII to be issued at Rs 4,765 per gram

New Delhi, Oct 23 (IANS) The issue price for Sovereign Gold Bonds has been fixed at Rs 4,765 per gram of gold.

According to the Ministry of Finance, the Sovereign Gold Bond Scheme 2021-22 (Series VII) will be opened for subscription during the period October 25-29, and the settlement date has been set at November 2.

"Government of India in consultation with the Reserve Bank of India has decided to allow discount of Rs 50 per gram from the issue price to those investors who apply online and the payment is made through digital mode," it said.

"For such investors the issue price of 'Gold Bond' will be Rs 4,715 per gram of gold."

The SGBs are government securities denominated in grams of gold. Besides, they are substitutes for holding physical gold.A

Under the scheme, investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity.

The bond is issued by Reserve Bank on behalf of the government.