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SOVEREIGN GOLD BOND ISSUE PRICE FIXED AT RS 3,119 PER GRAM

Reserve Bank said the Series I of the Sovereign Gold Bond 2016-17 will be open for subscription from July 18 to 22. Issue price for the fourth tranche of Sovereign Gold Bond, opening July 18, has been fixed at Rs 3,119 per gram.

The redemption of the bonds by an individual is exempt from capital gains tax. Under the scheme, gold bonds are issued in denominations of 5 grams, 10 grams, 50 grams and 100 grams for a term of 5-7 years with a rate of interest to be calculated on the value of the metal at the time of investment. The scheme has an annual cap of 500 grams per person.

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