Govt Notifies Sovereign Gold Bond Scheme 2023-24

The Ministry of Finance has notified Sovereign Gold Bond Scheme 2023-24 via issuing a Notification.

The Notification Stated:

In the exercise of the powers conferred by clause (iii) of Section 3 of the Government Securities Act, 2006 (38 of 2006), the Central Government makes the following Scheme.

This scheme may be called the Sovereign Gold Bond Scheme 2023-24. There will be a distinct Series (starting from Series III) which will be indicated on the Bond issued to the investor. It shall come into force on the date of its publication in the Official Gazette.

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 with Section 3 of the Government Securities Act, 2006.

Eligibility for Investment:

The Gold Bonds issued under this Scheme may be held by a Trust, HUFs, 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) “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).

(iii) “Trust” means a trust constituted/ formed as per the Indian Trusts Act, 1882, or a public or private trust constituted or recognized under the provisions of any Central or State law for the time being in force and also an express or constructive trust constituted for either a public religious or charitable purpose or both which includes a temple, a math, a wakf, a church, a synagogue, agiary or any other place of public religious worship, or a dharmada or any other religious or charitable endowment and also a society, formed either for a religious or charitable purpose or for both, registered under the Societies Registration Act, 1860 or under any other law for the time being in force in India.

(iv) “Charitable Institution” means a company 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.

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