RBI Issues Press Release for Premature Redemption under SGB Scheme

On 24th March 2023, the Reserve Bank of India (RBI) issued a Press Release in regard to Premature Redemption under Sovereign Gold Bond (SGB) Scheme, where the Redemption Price for Premature Redemption is due on 29th March 2023 (SGB 2016-II and 2016-17-Series II). This Press Release was published in terms with prior issued Notification GOI Notifications F.No.4(19) – W&M/2014 issued on 04th March 2016, (SGB 2016-II issued on 29th March 2016) and F.No.4(7) – W&M/2016 issued on 29th August 2016 (SGB 2016-17 Series II issued on 30th September 2016) in regard to Sovereign Gold Bond (SGB) Scheme, which states premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable. In accordance, the due date of premature redemption of the above two tranches shall be 29th March 2023 (30th March 2023 being a holiday).