What changed
The Government of India announced the Sovereign Gold Bond Scheme for 2023-24 via notification dated June 14, 2023. RBI circular specifies two tranches with distinct series: Series I (June 19-23 subscription, June 27 issuance) and Series II (September 11-15 subscription, September 20 issuance). Receiving offices must follow consolidated procedural guidelines issued earlier.
What it means for you
Banks and other receiving offices must gear up to process SGB applications for the new fiscal year, ensuring PAN validation and email ID upload on the Ekuber portal. The two-tranche structure spreads investor demand and operational load. Adherence to the consolidated procedural guidelines is mandatory for all servicing aspects.
What you must do
- Accept SGB applications from June 19-23, 2023 for Series I and September 11-15 for Series II.
- Verify PAN details for every application and issue acknowledgment receipt in Form B.
- Upload investor email IDs along with subscription details on the RBI Ekuber portal for online applications.
- Refer to and comply with the consolidated procedural guidelines (circular dated October 22, 2021, updated October 4, 2022) for all servicing procedures.
Who it affects
Scheduled Commercial Banks, Designated Post Offices, Stock Holding Corporation of India Ltd., Clearing Corporation of India Ltd., National Stock Exchange of India Ltd., Bombay Stock Exchange Ltd.
What are the subscription and issuance dates for SGB 2023-24 Series I?
Subscription opens from June 19 to June 23, 2023, and the bonds will be issued on June 27, 2023.
What documents are mandatory for an SGB application?
Every application must include valid PAN details issued by the Income Tax Department. For online applications, the investor's email ID must also be provided and uploaded on the Ekuber portal.
Which entities are authorized to receive SGB applications?
Designated scheduled commercial banks, designated post offices, Stock Holding Corporation of India Ltd., Clearing Corporation of India Ltd., and recognized stock exchanges (NSE and BSE) are authorized receiving offices.