What changed
RBI issued a consolidated procedural guideline for Sovereign Gold Bonds, replacing all previous operational circulars. The annexure now contains all current instructions updated as of October 4, 2022. No separate procedural guidelines will be issued going forward; this single document serves as the sole reference.
What it means for you
Banks and other Receiving Offices now have a single, authoritative source for SGB servicing procedures, reducing confusion from multiple circulars. This consolidation ensures uniform compliance across all entities handling SGB applications, servicing, and dematerialization. It also reinforces the legal framework under the Government Securities Act, 2006.
What you must do
- Replace all previous SGB operational guidelines with this consolidated circular as the single reference.
- Train staff on the updated procedures in Annex I, especially for demat handling and bond ledger accounts.
- Ensure compliance with GS Act 2006 provisions for all SGB servicing activities.
- Update internal manuals and checklists to reflect the consolidated guidelines.
Who it affects
Scheduled Commercial Banks (excluding RRBs), Designated Post Offices, Stock Holding Corporation of India Ltd (SHCIL), BSE and NSE, Depositories and Depository Participants, Clearing Corporation of India Ltd
Does this circular change any SGB eligibility or terms?
No, the terms and conditions remain as specified by Government of India notifications. This circular only consolidates procedural guidelines for Receiving Offices.
What happens to earlier SGB circulars?
All previous operational and procedural guidelines are superseded. This circular is the sole reference for SGB servicing procedures.
Are RRBs covered under this circular?
No, the circular explicitly excludes Regional Rural Banks from the list of Receiving Offices.