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TMI BlogSovereign Gold Bond Scheme 2023-24X X X X Extracts X X X X X X X X Extracts X X X X ..... n in the Official Gazette. 2. Definition- In this Scheme, unless the context otherwise requires: a) Form means a form appended to this Scheme. b) Receiving office means the offices or branches of Nationalised Banks, Scheduled Private Banks, Scheduled Foreign Banks (as specified in Annexure I to this Notification), designated Post Offices (as specified in Annexure II to this Notification), Stock Holding Corporation of India Ltd. (SHCIL), the authorised stock exchanges, and Clearing Corporation of India Limited (CCIL) or any other entity as may be approved by RBI as specified in Annexure III to this Notification. c) Stock Certificate means the Gold Bond issued in the form of Government of India Stock in accordance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any registered under Section 25 of the Indian Companies Act, 1956 or under Section 8 of the Companies Act, 2013 ; or an institution, which has obtained a Certificate of Registration as a charitable institution in accordance with a law in force; or Any institution which has obtained a certificate from an Income Tax Authority for the purposes of Section 80G of the Income Tax Act, 1961. (v) University means a university established or incorporated by a Central, State or Provincial Act, and includes an institution declared under Section 3 of the University Grants Commission Act, 1956 (3 of 1956), to be a university for the purposes of the Act. 4. Denomination, Subscription limit and Pricing- (i) The bonds will be iss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as near as thereto, clearly stating the grams of gold, full name and address of the applicant/s. (ii) Every application shall contain such documents and particulars as specified in the instructions contained in the Application Form. (iii) Every application must be accompanied by the PAN Number issued by the Income Tax Department to Individuals and other entities. (iv) On receipt of an application under sub paragraph (i), the Receiving office shall issue an acknowledgment receipt in Form B if all requirements of the application are fulfilled. (v) An incomplete application is liable to be rejected. 6. Date and form of issue of Gold Bonds- (i) The Gold Bonds shall be issued in the form of a Stock Certificate, as s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,000/-) or demand draft, or cheque, or electronic banking. (ii) Where payment is made through cheque or demand draft, the same shall be drawn in favour of the Receiving Office. 12. Redemption - (i) The Gold Bonds shall be repayable on the expiration of eight years from the date of the issue of the Bonds: Provided that premature redemption of Gold Bonds may be permitted after fifth year from the date of issue of Bonds and such repayments will be made on the date on which interest is payable, (ii) On maturity/premature redemption, the Gold Bonds shall be redeemed in Indian Rupees and the redemption price shall be based on simple average of closing price of gold of 999 purity of previous three working days, published by the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in part III, Section 4 of the Gazette of India dated the 1st December 2007. (ii) An individual Non-Resident Indian may get the security transferred in his name on account of he being a nominee of a deceased investor; Provided that the Non-Resident investor shall need to hold the security till premature redemption or till maturity; Provided further that the interest and maturity proceeds of the investment shall not be repatriable. 17. Transfer of Gold Bonds - The Gold Bonds issued in the form of Stock Certificate are transferable by execution of an Instrument of transfer as in Form F , in accordance with the provisions of the Government Securities Act, 2006 (38 of 2006) and the Government Securities Regulations, 2007, pu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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