101% Profit on Gold Bond Investment..!?

Sowmiya Sriram
101% Profit on gold Bond Investment..!?
The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india has announced that those who apply for pre-maturity of the seventh tranche of gold bond accounts issued in the financial year 2019-20 will be given Rs 7,644 per unit. This is 101 percent more than the price at the time of publication. The central government, as part of a move to reduce gold imports, announced the gold Savings Bond Scheme in november 2015. In this, gold can be stored in documentary form. One gram of gold will be given as one unit.
Gold bonds will mature in full in eight years from the date of issue. However, early withdrawal of the investment will be allowed only after five years. Accordingly, bonds issued on december 10, 2019, can be withdrawn early from yesterday. One gram of gold was 3,795 rupees when it was issued. In this situation, since the Reserve bank has announced that 7,644 rupees will be paid for one gram of gold, a profit of 3,849 rupees per gram is being made. This is an increase of almost 101 percent. The Reserve bank has said that this price has been fixed by taking into account the average price of 24-carat gold on december 5, 6, and 9. Meanwhile, the Reserve bank has said that the gold bonds issued in the 11th tranche in the financial year 2017-18 and the first tranche in the financial year 2019-20 can be redeemed before maturity from today. The Reserve bank has announced that these bonds will be paid at Rs 7,668 per gram.
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