Sovereign Gold Bonds: gram-denominated government bonds priced to market, 2.75% annual interest, eight-year maturity with limited early redemption. The Scheme creates Sovereign Gold Bonds issued as Government of India Stock, available to persons resident in India, subscribed in gram-denominated units (min. two grams, max. 500 grams per person per year). Issue and redemption prices are set in rupees by reference to the simple average of the previous week's 999 purity gold closing price. Bonds bear fixed interest at 2.75% per annum, payable half-yearly, mature in eight years with early redemption permitted from the fifth year on coupon dates, are convertible to demat, eligible for SLR treatment, usable as collateral subject to RBI loan-to-value norms, and the interest and capital gains are taxed as provided under income-tax law and like physical gold respectively.
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Provisions expressly mentioned in the judgment/order text.
Sovereign Gold Bonds: gram-denominated government bonds priced to market, 2.75% annual interest, eight-year maturity with limited early redemption.
The Scheme creates Sovereign Gold Bonds issued as Government of India Stock, available to persons resident in India, subscribed in gram-denominated units (min. two grams, max. 500 grams per person per year). Issue and redemption prices are set in rupees by reference to the simple average of the previous week's 999 purity gold closing price. Bonds bear fixed interest at 2.75% per annum, payable half-yearly, mature in eight years with early redemption permitted from the fifth year on coupon dates, are convertible to demat, eligible for SLR treatment, usable as collateral subject to RBI loan-to-value norms, and the interest and capital gains are taxed as provided under income-tax law and like physical gold respectively.
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