General Awareness- Banking Awareness
1- The RBI sold the SGB to buyers through banks, designated post offices, recognized stock exchanges, stock holding corporation of India Limited(SHCIL).
2-SGB will be denominated in multiples of a gram(s) of gold with a basic unit of 1 gram.
3-SGB(Sovereign Gold Bond) Scheme is- Bonds are eligible for conversion into DEMAT form, Capital gains tax arising on redemption of SGB to an individual has been exempted and Bonds will be tradable on stock exchanges.
4-Maximum amount of Gold that can subscribe by trust and similar entities in SGB Scheme as per the notification is given by the government is 20 kgs.
5-Maximum amount of Gold that can be subscribed by person/HUF per fiscal year under SGB Scheme as announced on 26th July 2017 is 4000 grams.
6-Sovereign Gold Bond 2017-2018 series II issued as per the announcement of RBI on 6th July 2017. These bonds issued by RBI on behalf of the government of India.
7- The SGB(Sovereign Gold Bond) issued to the buyers on 28th July.
8-The person/entity eligible to buy SGB Bonds is/are individuals, HUFs, Trusts and Universities and Charitable Institutions.
9- Under the Sovereign Gold Bond 2017-2018 series II, instead of buying physical gold, Indian residents can buy the Gold bonds. These bonds would be issued for the term of 8 years with exit option from 5th year.
10- Under the Sovereign Gold Bond 2017-2018 series Schemes, investors earn interest rate up to 2.50% per annum payable semi-annually on the initial value of the investment.
11- SGB(Sovereign Gold Bond) can be used as collateral for loans and for this purpose LTV ratio is to be set equal to ordinary gold loan mandated by the RBI from time to time. In this context, LTV stands for Loan to value.
12-On 6th July 2017, RBI released a compendium of Guidelines for Small Finance Banks-Financial Inclusion and Development. As part of it, Small Finance Banks required to open at least 25% of its branches in unbanked rural centers.
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