What changed
Government of India notified Series III and IV of the Sovereign Gold Bond Scheme 2023-24 on December 8, 2023. RBI circular provides specific subscription and issuance dates for these two tranches, along with procedural instructions for receiving offices.
What it means for you
Banks must prepare for two SGB subscription windows: Series III in December 2023 and Series IV in February 2024. They need to ensure staff are trained on application processing, PAN verification, and Ekuber portal uploads. The circular also reminds banks to follow consolidated procedural guidelines issued in October 2021.
What you must do
- Prepare for Series III subscription from Dec 18-22, 2023 and Series IV from Feb 12-16, 2024.
- Accept applications in Form A or similar, verify PAN details, and issue Form B acknowledgment.
- Upload investor email IDs along with subscription details on the Ekuber portal for online applications.
- Refer to RBI's consolidated procedural guidelines (Oct 22, 2021) for all servicing aspects.
Who it affects
Scheduled Commercial Banks, Designated Post Offices, Stock Holding Corporation of India Ltd., National Stock Exchange of India Ltd., Bombay Stock Exchange Ltd., Clearing Corporation of India Ltd.
What are the subscription dates for SGB Series III and IV?
Series III subscription runs from December 18 to December 22, 2023, with issuance on December 28, 2023. Series IV subscription runs from February 12 to February 16, 2024, with issuance on February 21, 2024.
What documents must investors provide when applying?
Investors must submit a completed application form (Form A or similar), valid PAN details issued by the Income Tax Department, and for online applications, an email ID.
What is the role of receiving offices under this scheme?
Receiving offices (banks, post offices, stock exchanges, etc.) must accept applications, issue Form B acknowledgment, upload investor email IDs on the Ekuber portal, and follow RBI's consolidated procedural guidelines for servicing SGB investors.