Issue date of Sovereign Gold Bonds shifted from 26 to 30 November

The Reserve Bank of India (RBI) has decided to shift the issue date of 'sovereign gold bonds' from 26 November to 30 November, to enable smooth uploading of applications into RBI's E-kuber system, particularly by the post offices, in view of the large number of applications received by banks and post offices.

The first tranche of sovereign gold bonds was open for subscription from 5 November to 20 November 2015 and the bonds were to be issued on 26 November 2015.

The government of India, in consultation with the Reserve Bank of India, had earlier notified the issuance of sovereign gold bonds 2015-16. Other terms and conditions of the notification remain unchanged.

The gold bond scheme has already mopped up around Rs150 crore as of 20 November and retail investors had bought 6,000 gold coins till Friday.

The Reserve Bank of India has set the price of gold at Rs2,684 per gm for the bonds till the issue closed on 20 November, whereas the ruling market price of bullion is five to six per cent lower depending on the city.

The Rs 150-crore subscription for the bonds is, therefore, seen as a good response. A banker said three to four tranches of bonds could be expected in the next four months.