The RBI has announced the final redemption details for Sovereign Gold Bond 2018-19 Series-I, due on May 4, 2026, including the redemption price calculation method.
Final Redemption Notice for Sovereign Gold Bond Scheme
The Reserve Bank of India has issued a notification regarding the final redemption of the Sovereign Gold Bond (SGB) 2018-19 Series-I, which is set to mature on May 4, 2026. This bond was initially issued on May 4, 2018, for a tenure of eight years.
The announcement specifies that the redemption price will be based on the average closing price of gold with 999 purity for the three business days preceding the date of redemption. This mechanism ensures that investors receive their returns in accordance with market fluctuations.
Practitioners should be prepared to guide clients holding these bonds on the redemption process, ensuring compliance with the RBI's stipulated procedures for a smooth transaction.
Citations
- Reserve Bank of India Notification (2018)
