RBI Fixes the Public Issue Price at Rs 2,684/ Grm for Sovereign Gold Bonds

RBI Fixes the Public Issue Price at Rs 2,684/ Grm for Sovereign Gold Bonds
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The Reserve Bank of India (RBI) fixed the public issue price at Rs 2,684 per gram for the sovereign gold bonds, for which applications will be accepted from November 5 to 20.

The Government of India has announced that the Sovereign Gold Bond will be open for subscription from November 5 to 20, 2015, RBI said in a release.

The rate has been fixed on the basis of simple average of closing price for gold of 999 purity of the previous week (October 26-30, 2015) published by the India Bullion and Jewellers Association Ltd (IBJA).

This is the first tranche of the gold bond scheme and subsequent tranches would be notified later.

The interest earned on gold bonds would be taxable, and capital tax shall be levied as in case of physical gold.

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