Government announces fifth tranche of Sovereign Gold Bonds, applications to be accepted from Sept 1

KOLKATA: Modi government announced on Tuesday that it has decided to issue fifth tranche of Sovereign Gold Bonds in consultation with the Reserve Bank of India. Applications for the bonds will be accepted from September 1, 2016 to September 9, 2016.

The bonds will be issued on September 23, 2016. The bonds will be sold through banks, Stock Holding Corporation of India Limited ( SHCIL), designated post offices and recognised stock exchanges - National Stock Exchange of India Limited and Bombay Stock Exchange.

It may recalled that the Union finance minister Arun Jaitley had announced in his budget speech while presenting the Union Budget 2015-16 in Parliament about developing a financial asset, Sovereign Gold Bond, as an alternative to purchasing the metal gold. Accordingly, four tranches of issuances have been undertaken during 2015-16 and 2016-17.