Mumbai: The Reserve Bank of India (RBI) has said that it streamlined the process for redressal of investors complaints related to Sovereign Gold Bond to make it more effective. To streamline the customer complaint handling process and make it more effective, the RBI on Thursday stated the nodal officer of the Receiving Office (RO) will be the first point of contact for attending to the queries or complaints of their customers, as per PTI report.Also Read - Sovereign Gold Bond Begins Subscription From Monday: Check Issue Price, Discount For Online Subscribers
Sovereign Gold Bond Scheme 2021-22
- Receiving Offices refer to banks, Stock Holding Corporation of India Limited (SCHIL), designated Post Offices, and recognized stock exchanges – NSE and BSE, PTI reported.
- In case the issue is unresolved, an escalation matrix at the ROs will be used to resolve customer grievance, the Reserve Bank said, according to a PTI report.
- “The investor may approach Reserve Bank of India at email@example.com if no reply is received from the RO within a period of one month of lodging the complaint or the investor is not satisfied with the response of the RO,” the central bank said, as per PTI report.
- The sovereign gold bond scheme was launched in November 2015 to reduce the demand for physical gold and shift a part of the domestic savings — used for the purchase of gold — into financial savings.
Sovereign Gold Bond Price
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- The price of the bond is fixed in Indian Rupees based on a simple average closing price of gold of 999 purity, published by the India Bullion and Jewellers Association Limited for the last 3 working days of the week preceding the subscription period, according to PTI report.
- Sovereign Gold Bond is denominated in multiples of gram (s) of gold with a basic unit of 1 gram. The tenor of the bond will be for eight years with an exit option after the 5th year to be exercised on the next interest payment dates, PTI reported.
- The minimum permissible investment is 01 gram of gold. The maximum limit of subscription is 4 KG for individuals, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal (April-March).