Saving Schemes | CA B K Goyal & Co LLP

Sovereign Gold Bond Scheme 2023-24 | Latest Updates

Saving Schemes / CA Bhuvnesh Goyal / June 15, 2023

Sovereign Gold Bond Scheme 2023-24 (Series III) will open for subscription from 18 Dec to 22 Dec 2023 The Government of India has announced that they will issue Sovereign Gold Bonds for the year 2023-24 (Series III). These bonds will be available for subscription from December 18 to December 22, 2023, and the bonds will be issued on December 28, 2023. The price of these bonds during the subscription period will be ₹6,199 per gram of gold. However, if you apply for these bonds online and make the payment digitally, you will get a discount of ₹50 per gram. So, the price for online and digital payments will be ₹6,149 per gram of gold. This information is important for those interested in the Sovereign Gold Bond Scheme, and it’s a way to invest in gold through government bonds. Earlier series of the Sovereign fold bond Scheme 2023-24 The Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds (SGBs) in tranches as per the calendar specified below: S. No. Tranche Date of Subscription Date of Issuance 1. 2023-24 Series I June 19 – June 23, 2023 June 27, 2023 2. 2023-24 Series II September 11-September 15, 2023 September 20, 2023 The SGBs will be sold through Scheduled Commercial banks (except Small Finance Banks, Payment Banks and Regional Rural Banks), Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices, and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange Limited. The features of the Bond 2023-24: Sl. No. Item Details 1 Product name Sovereign Gold Bond Scheme 2023-24 2 Issuance To be issued by the Reserve Bank of India on behalf of the Government of India. 3 Eligibility The SGBs will be restricted for sale to resident individuals, HUFs, Trusts, Universities and Charitable Institutions. 4 Denomination The SGBs will be denominated in multiples of gram(s) of gold with a basic unit of One gram. 5 Tenor The tenor of the SGB will be for a period of eight years with an option of premature redemption after 5th year to be exercised on the date on which interest is payable. 6 Minimum size Minimum permissible investment will be One gram of gold. 7 Maximum limit The maximum limit of subscription shall be 4 Kg for individual, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal year (April-March) notified by the Government from time to time. A self-declaration to this effect will be obtained from the investors at the time of making an application for subscription. The annual ceiling will include SGBs subscribed under different tranches, and those purchased from the secondary market, during the fiscal year. 8 Joint holder In case of joint holding, the investment limit of 4 Kg will be applied to the first applicant only. 9 Issue price Price of SGB will be fixed in Indian Rupees on the basis of simple average of closing price of gold of 999 purity, published by the India Bullion and Jewellers Association Limited (IBJA) for the last three working days of the week preceding the subscription period. The issue price of the SGBs will be less by ₹50 per gram for the investors who subscribe online and pay through digital mode. 10 Payment option Payment for the SGBs will be through cash payment (upto a maximum of ₹20,000) or demand draft or cheque or electronic banking. 11 Issuance form The SGBs will be issued as Government of India Stock under Government Securities Act, 2006. The investors will be issued a Certificate of Holding for the same. The SGBs will be eligible for conversion into demat form. 12 Redemption price The redemption price will be in Indian Rupees based on simple average of closing price of gold of 999 purity, of previous three working days published by IBJA Ltd. 13 Sales channel SGBs will be sold through Scheduled Commercial banks (except Small Finance Banks, Payment Banks and Regional Rural Banks), Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices (as may be notified) and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange Limited, either directly or through agents. 14 Interest rate The investors will be compensated at a fixed rate of 2.50 per cent per annum payable semi-annually on the nominal value. 15 Collateral The SGBs can be used as collateral for loans. The loan-to-value (LTV) ratio will be as applicable to any ordinary gold loan, mandated by the Reserve Bank from time to time. 16 KYC documentation Know-your-customer (KYC) norms will be the same as that for purchase of physical gold. KYC documents such as Voter ID, Aadhaar card/PAN or TAN /Passport will be required. Every application must be accompanied by the ‘PAN Number’ issued by the Income Tax Department to individuals and other entities. 17 Tax treatment The interest on SGBs shall be taxable as per the provision of Income Tax Act, 1961 (43 of 1961). The capital gains tax arising on redemption of SGB to an individual is exempted. The indexation benefits will be provided to long term capital gains arising to any person on transfer of the SGB. 18 Tradability SGBs shall be eligible for trading. 19 SLR eligibility SGBs acquired by the banks through the process of invoking lien/hypothecation/pledge alone, shall be counted towards Statutory Liquidity Ratio. 20 Commission Commission for distribution of the bond shall be paid at the rate of one per cent of the total subscription received by the receiving offices and receiving offices shall share at least 50 per cent of the commission so received with the agents or sub agents for the business procured through them. All about Sovereign Gold Bond Scheme Are you seeking a secure and profitable investment option? Look no further! The Sovereign Gold Bond Scheme may just be what you need! This scheme is Designed to combine the benefits of gold ownership with

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EPFO Claim Status – EPF Claim Status Check Online

Do you want to check the status of your EPF Claim Status or do you want to withdraw your Provident Fund amount ? In this blog, you will get to know exactly as to how you can raise a claim of your provident fund and how you can check the status of your epf claim online. At the end of the blog, you will be equipped which all the relevant information you are searching for. Hi, my name is CA Bhuvnesh Goyal and I am a practicing Chartered Accountant. I have an experience of more than 14 years in the field of finance, accounting, taxation, audits, tax litigation and business advisory. The Employee Provident Fund (EPF) is a retirement savings scheme that is mandatory for all salaried individuals in India. It is a long-term investment option and a crucial source of savings for individuals to ensure financial stability after retirement. EPF members are eligible to withdraw their funds under certain circumstances, such as unemployment, retirement, or medical emergencies. In this article, we will outline the steps to check the EPF claim status online. How to apply for epf claim The Employee Provident Fund (EPF) is a long-term savings scheme that is mandatory for all salaried employees in India. It is an important source of savings for individuals to ensure financial stability after retirement. In this blog, we will outline the steps to apply for an EPF claim online. Step 1: Register for an UAN account The first step to apply for an EPF claim is to register for an UAN (Unique Account Number). The UAN is a unique identifier assigned to each EPF member and acts as a single point of contact between the employee and the EPFO (Employees Provident Fund Organisation). To register for an UAN, you will need to provide your personal and employment details, along with your EPF account number. Step 2: Log in to your UAN account Once you have registered for an UAN, you can log in to your account using your UAN and password. If you have forgotten your password, you can reset it by clicking on the “Forgot Password” link on the login page. Step 3: Update your KYC details Before applying for an EPF claim, it is important to ensure that your KYC (Know Your Customer) details are up to date. This includes your personal details, bank account details, and Aadhaar number. You can update your KYC details by clicking on the “Manage” option in your UAN account. Step 4: Choose the type of claim you want to apply for There are several types of EPF claims that you can apply for, including: Withdrawal of EPF balance EPF Advance Pension withdrawal Partial withdrawal You can choose the type of claim you want to apply for by clicking on the “Claim” option in your UAN account. Step 5: Fill in the required details Once you have chosen the type of claim you want to apply for, you will need to fill in the required details, such as the reason for the claim and the amount you want to withdraw. You will also need to upload any supporting documents, such as proof of identity, proof of address, and proof of date of birth. Step 6: Submit the claim Once you have filled in the required details and uploaded the supporting documents, you can submit the claim by clicking on the “Submit” button. Your claim will be reviewed by the EPFO, and you will be notified of the status of your claim via SMS or email. Step 7: Track the status of your claim You can track the status of your claim by logging in to your UAN account and clicking on the “Track Claim Status” option. This will show you the progress of your claim and whether it has been approved, rejected, or is still pending. In conclusion, the process of applying for an EPF claim is simple and straightforward. By following these steps, you can ensure that your EPF claim is processed in a timely manner and that you receive your funds as soon as possible. If you encounter any difficulties or have any questions about your EPF claim, you can contact the EPFO for assistance. Steps to check eps claim status The Employee Provident Fund (EPF) is a retirement savings scheme that is mandatory for all salaried individuals in India. It is a long-term investment option and a crucial source of savings for individuals to ensure financial stability after retirement. EPF members are eligible to withdraw their funds under certain circumstances, such as unemployment, retirement, or medical emergencies. In this article, we will outline the steps to check the EPF claim status online. Step 1: Visit the official EPFO website The first step to check your EPF claim status is to visit the official EPFO (Employees Provident Fund Organisation) website. The website is user-friendly and easy to navigate. Step 2: Register for an UAN account If you have not already registered for an UAN (Unique Account Number), you will need to do so before you can check your EPF claim status. The UAN is a unique identifier assigned to each EPF member and acts as a single point of contact between the employee and the EPFO. To register for an UAN, you will need to provide your personal and employment details, along with your EPF account number. Step 3: Login to your UAN account Once you have registered for an UAN, you can log in to your account using your UAN and password. If you have forgotten your password, you can reset it by clicking on the “Forgot Password” link on the login page. Step 4: Check your EPF claim status Once you have logged in to your UAN account, you will be able to see your EPF claim status by clicking on the “Track Claim Status” option. This will take you to a new page where you can enter your claim reference number, which is provided by the EPFO when you submit