Sovereign Gold Bond

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Sovereign Gold Bond, abbreviated as SGB, is a government security issued by the Reserve Bank of India (RBI) on behalf of the Government of India. It is denominated in grams of gold and is linked to the price of gold in India. It is also an interest-bearing bonds, carrying an interest of 2.5% p.a. paid in two installments in a year. [1] [2]

Contents

The bond has an 8-year term with an option for early withdrawal through the RBI after 5 years. It is listed and traded on Indian stock exchanges, allowing eligible investors to buy or sell anytime through their dematerialization accounts. It can also be transferred to another eligible investor without redemption through the RBI. [3]

History

The scheme was introduced due to a forex crisis caused by high gold imports. [4] It was first notified by the Department of Economic Affairs on 14 January 2016 under the Government Securities Act, 2006. The initial subscription required a minimum of 2 grams and a maximum of 500 grams. It was open from January 18 to January 22, 2016. The bonds initially paid 2.75% interest per year, later reduced to 2.5% per year. [5] [2] The bonds were sold through banks, post offices and through online securities brokers which would allow investors to hold the bonds in demat form. [6] [7]

In August 2024, the investors who would have redeemed the bonds issued in August 2016 lost suffered a loss due a fall in the price of gold. This fall was linked to the slash in import duty on gold from 15% to 6% during the 2024 Union budget of India. [8]

After the final redemption of the 2016-I series, it was rumoured that the scheme was turning out to be very expensive for the Indian government, due to an unexpected rise in the prices of gold. The government also felt SGBs have also not served the purpose for which it was launched, which was to bring down gold imports by trying to move demand from physical gold to an electronic form. In addition, the RBI has not issued any new series after February 2024. [9] [10] The government also made physical gold purchases more attractive, by lowering the import duty from 15% to 6%. [11]

Eligibility

People residing in India, as defined in he Foreign Exchange Management Act, 1999 are eligible to invest in SGBs. These include individuals, Hindu Undivided Families (HUFs), universities, trusts, and charitable institutions. People who become non-residents after buying an SGB can still hold it until maturity or premature redemption. [3]

The bonds are issued in 1-gram denominations and multiples thereof. Each eligible investor can purchase up to 4 kg per financial year. A demat account is optional; bonds can be held in dematerialized form with a securities depository or tracked by the RBI. [3]

Price

The issue price is the average closing price of 999 purity gold from the last 3 business days before the subscription period, as published by the India Bullion and Jewelers Association Limited (IBJA). The redemption price, for both early and maturity redemptions, is the average closing price from the 3 business days before repayment. [12]

Comparison with other forms of gold investments

SGBs, purely as an investment format, can be compared to other forms of investing in Gold. [13]

Comparison of SGB, physical gold, gold ETFs and mutual funds and digital gold in India
SGBPhysical goldGold ETF and mutual fundsDigital gold
StorageStored in government facilities. Very low risk of theft.Risk of theftStored in vaults. Low risk of theft [14] Stored in vaults. Low risk of theft [15]
Regulated by RBI, and by extension, Government of IndiaNot regulated SEBI, and by extension, Government of IndiaNot regulated
ChargesNo making charges, GST, or expense ratioMaking charges from 8% to 35%. GST of 3%. No expense ratio.No making charges or GST. Expense ratio up to 1% is allowed.No making charges. GST of 3% and commissions are applicable. No expense ratio.
InterestFixed at 2.5% per annumNo interest paymentsNo interest paymentsNo interest payments
TaxationNo tax on capital gains. Interest is taxed at slab. [16] [17] Tax on capital gainsTax on capital gainsTax on capital gains
LiqudityCan be sold on stock exchanges if held in demat form. Can be sold back to the RBI at specified intervals.Can be sold physically to jewelersUnits can be sold back to the asset management company Can be liquidated instantly

Issue history

Data of Sovereign Gold Bonds (Tranche wise) issued till 23 April 2024 [18]
S NoTrancheISINIssue DateIssue price/unit ()Units subscribed (grams)Redemption price/unit () CAGR Returns (Absolute) (%)
12015-IIN0020150085November 30, 201526849135716132 [19] [20] 10.87 (128.46)
22016-IIN0020150101February 8, 2016260028699736271 [21] [22] 11.63 (141.19)
32016-IIIN0020150119March 29, 2016291611197416601 [23] [24] 10.75 (126.37)
42016-17 Series IIN0020160027August 5, 2016311929530256938 [25] [26] 10.50 (122.44)
52016-17 Series IIIN0020160043September 30, 2016315026158007517 [27] [28] 10.80 (127.21)
62016-17 Series IIIIN0020160076November 17, 2016300735980557788 [29] [30] 12.63 (160)
72016-17 Series IVIN0020160126March 17, 201729432220885
82017-18 Series IIN0020170018May 12, 201729512027695
92017-18 Series IIIN0020170034July 28, 201728302349953
102017-18 Series IIIIN0020170059October 16, 20172956264815
112017-18 Series IVIN0020170067October 23, 20172987378945
122017-18 Series VIN0020170075October 30, 20172971174024
132017-18 Series VIIN0020170083November 6, 20172945153356
142017-18 Series VIIIN0020170091November 13, 20172934175121
152017-18 Series VIIIIN0020170109November 20, 20172961135666
162017-18 Series IXIN0020170117November 27, 20172964105512
172017-18 Series XIN0020170125December 4, 20172961107380
182017-18 Series XIIN0020170133December 11, 2017295281614
192017-18 Series XIIIN0020170141December 18, 20172890111218
202017-18 Series XIIIIN0020170158December 26, 20172866131958
212017-18 Series XIVIN0020170166January 1, 20182881327434
222018-19 Series IIN0020180033May 4, 20183114650337
232018-19 Series IIIN0020180249October 23, 20183146312258
242018-19 Series IIIIN0020180314November 13, 20183183409398
252018-19 Series IVIN0020180389January 1, 20193119207886
262018-19 Series VIN0020180462January 22, 20193214243606
272018-19 Series VIIN0020180561February 12, 20193326207388
282019-20 Series IIN0020190073June 11, 20193196459789
292019-20 Series IIIN0020190081July 16, 20193443535947
302019-20 Series IIIIN0020190107August 14, 201934991024837
312019-20 Series IVIN0020190115September 17, 20193890627892
322019-20 Series VIN0020190370October 15, 20193788455776
332019-20 Series VIIN0020190388October 30, 20193835693210
342019-20 Series VIIIN0020190461December 10, 20193795648304
352019-20 Series VIIIIN0020190537January 21, 20204016522119
362019-20 Series IXIN0020190545February 11, 20204070405957
372019-20 Series XIN0020190552March 11, 20204260757338
382020-21, Series IIN0020200062April 28, 202046391772874
392020-21, Series IIIN0020200088May 19, 202045902544294
402020-21, Series IIIIN0020200104June 16, 202046772388328
412020-21, Series IVIN0020200146July 14, 202048524130820
422020-21, Series VIN0020200161August 11, 202053346349781
432020-21, Series VIIN0020200195September 8, 202051173190133
442020-21, Series VIIIN0020200203October 20, 202050511859518
452020-21, Series VIIIIN0020200286November 18, 202051771573457
462020-21, Series IXIN0020200377January 5, 202150002869886
472020-21, Series XIN0020200385January 19, 202151041214048
482020-21, Series XIIN0020200393February 9, 202149121227915
492020-21, Series XIIIN0020200427March 9, 202146623230907
502021-22, Series IIN0020210053May 25, 202147775318973
512021-22, Series IIIN0020210061June 1, 202148421898475
522021-22, Series IIIIN0020210087June 8, 202148891479232
532021-22, Series IVIN0020210111July 20, 202148072923762
542021-22, Series VIN0020210129August 17, 202147902292743
552021-22, Series VIIN0020210145September 7, 202147323520341
562021-22, Series VIIIN0020210178November 2, 202147613248238
572021-22, Series VIIIIN0020210228December 7, 202147912480493
582021-22, Series IXIN0020210236January 18, 202247862333188
592021-22, Series XIN0020210319March 8, 202251091539694
602022-23, Series IIN0020220045June 28, 202250912557864
612022-23, Series IIIN0020220078August 30, 202251973360408
622022-23, Series IIIIN0020220110December 27, 202254092811010
632022-23, Series IVIN0020220169March 14, 202356113531586
642023-24, Series IIN0020230069June 27, 202359267769290
652023-24, Series IIIN0020230093September 20, 2023592311673960
662023-24, Series IIIIN0020230168December 28, 2023619912106807
672023-24, Series IVIN0020230184February 21, 2024626312785729
TOTAL146961537

Note: CAGR calculations do not include interest payments and are post-tax, since capital gains tax arising on redemption of SGB to an individual has been exempted. [16]

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References

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  14. Kriplani, Jash (9 November 2021). "Explained: All about how gold ETFs give investors the purest yellow metal". Moneycontrol . Archived from the original on 9 November 2021. Retrieved 25 April 2024. Fund houses appoint custodians to handle the physical gold who, in turn, appoint a vaulting agency to store the gold in vaults.
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  27. Kulkarni, Sneha (28 August 2024). "Sovereign Gold Bonds redemption: This SGB series is up for final redemption in September; check details". The Economic Times . ISSN   0013-0389. Archived from the original on 30 September 2024. Retrieved 12 October 2024. The redemption price for the final redemption due on September 30, 2024 shall be Rs 7,517 per unit of SGB based on the simple average of closing price of gold for the week September 23 – September 27, 2024.
  28. Prasad, Ajit (27 September 2024). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2016-17 Series II due on September 30, 2024". Reserve Bank of India . Retrieved 12 October 2024. Accordingly, the redemption price for the final redemption due on September 30, 2024 shall be ₹7,517/- (Rupees Seven thousand five hundred and seventeen only) per unit of SGB based on the simple average of closing price of gold for the week September 23 – September 27, 2024.
  29. Kulkarni, Sneha (13 November 2024). "Sovereign Gold Bond: Final redemption price of SGB 2016-17 Series III announced; check details". The Economic Times . ISSN   0013-0389. Archived from the original on 11 November 2024. Retrieved 20 November 2024. As per an RBI notification dated November 8, 2024, the redemption price for the final SGB redemption due on November 16, is Rs 7,788 per unit of SGB based on the simple average of closing gold price for the week November 04-08, 2024.
  30. Prasad, Ajit (8 November 2024). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2016-17 Series III due on November 16, 2024 (November 17, 2024 being a holiday)". Reserve Bank of India . Archived from the original on 20 November 2024. Retrieved 20 November 2024. Accordingly, the redemption price for the final redemption due on November 16, 2024 (November 17, 2024 being a holiday) shall be ₹ 7,788/- (Rupees Seven thousand seven hundred and eighty-eight only) per unit of SGB based on the simple average of closing gold price for the week November 04-08, 2024.

Further reading