What changed
Government of India issued a new notification on October 21, 2021, launching Series VII, VIII, IX, and X of the Sovereign Gold Bond Scheme for 2021-22. RBI circular provides the subscription and issuance dates for each tranche, along with operational instructions. Receiving offices must follow consolidated procedural guidelines issued separately on the same date.
What it means for you
Banks and other receiving offices have clear timelines to process SGB applications for four upcoming tranches. They must ensure PAN details are collected and online applications include email IDs for Ekuber upload. The consolidated guidelines simplify compliance by centralizing all current servicing instructions in one place.
What you must do
- Update internal systems and staff on the four subscription windows: Series VII (Oct 25-29, 2021), VIII (Nov 29-Dec 3, 2021), IX (Jan 10-14, 2022), X (Feb 28-Mar 4, 2022).
- Ensure all application forms (Form A) collect valid PAN details and, for online apps, investor email IDs for Ekuber upload.
- Refer to and implement the consolidated procedural guidelines issued via circular IDMD.CDD.1100/14.04.050/2021-22 for all servicing aspects.
- Train front-office staff on acknowledgment receipt (Form B) issuance and the requirement to accept applications directly or through agents.
Who it affects
All Scheduled Commercial Banks (excluding RRBs, Small Finance Banks, Payment Banks), Designated Post Offices, Stock Holding Corporation of India Ltd (SHCIL), Clearing Corporation of India Ltd, National Stock Exchange of India Ltd and Bombay Stock Exchange Ltd
What are the subscription and issuance dates for Series VII?
Subscription opens from October 25 to 29, 2021, and the issuance date is November 2, 2021.
Is PAN mandatory for SGB applications?
Yes, every application must be accompanied by valid PAN details issued by the Income Tax Department to the investor(s).
Where can I find the consolidated procedural guidelines for servicing SGBs?
RBI has issued a separate circular (IDMD.CDD.1100/14.04.050/2021-22 dated October 22, 2021) available on the RBI website, which all receiving offices must follow.