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The sovereign gold bond (SGB) scheme was launched in November 2015 with an objective to cut down the demand for physical gold and shift a part of the domestic savings – used for the purchase of gold – into financial savings. · The bonds are denominated in multiples of gram(s) of gold with a basic unit of one gram. · The tenor of the bond will be for a period of eight years with exit option after fifth year to be exercised on the next interest payment dates. · The minimum permissible investment is one gram of gold and the maximum limit of subscription is 4 kg for individual, 4 kg for HUF and 20 kg for trusts and similar entities per financial year. · SGB comes with a 2.5% coupon attached and tax advantage for its investors. · The price of the bond is fixed in Indian rupees on the basis of a simple average of the closing price of gold of 999 purity , published by the India Bullion and Jewellers Association (IBJA) for the last three working days of the week preceding the subscription period
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