Sovereign Gold Bond Scheme, 2016
G.S.R.33(E).-- In exercise of the powers conferred by clause (iii) of section 3 of the Government Securities Act, 2006 (38 of 2006), the Central Government hereby makes the following Scheme, namely: -
1. Short title and commencement.-- --
(1) This scheme may be called the Sovereign Gold Bond Scheme, 2016.
(2) It shall come into force on the date of its publication 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, and Stock Holding Corporation of India Ltd(SHCIL).
(c) "Stock Certificate" means the Gold Bond issued in the form of Government of India Stock in accordance with section 3 of the Government Securities Act, 2006.
3. Eligibility for Investment.--
The Gold Bonds under this Scheme may be held by a Trust, Charitable Institution, University or by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual.
Explanation.--
-- For the purposes of this paragraph, -- --
(i) the expression "person" shall have the same meaning as defined in clause (u) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999);
(ii) the expression "person resident in India" shall have the same meaning as defined in clause (v) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999).
4. Denomination, Subscription limit and Pricing.--
(1) Subscription shall be in the form of denominated units of one gram of Gold or multiples thereof:
Provided that the minimum limit of subscription in the Bond shall be of two grams and maximum limit of subscription shall be of five hundred grams per person per fiscal year.
Provided further that in case of joint holding, the above limits shall be applicable to the first applicant only.
(2) The issue price of Gold Bonds shall be in Indian Rupees on the basis of simple average of closing price of gold of 999 purity of previous week (Monday to Friday) published by the India Bullion and Jewellers Association Limited.
5. Procedure for making application for subscription to Gold Bonds.--
(1) Every Subscriber who is desirous of subscribing to the Gold Bonds shall...
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