RBI Announces Final Redemption Price for Sovereign Gold Bond 2016-17 Series III
The Reserve Bank of India (RBI) has announced the final redemption price for the Sovereign Gold Bond (SGB) 2016-17 Series III, set at Rs 7,788 per unit, marking a significant increase from its initial price of Rs 3,007. As this tranche approaches maturity on November 16, 2024, investors can benefit from both capital appreciation and a 2.50% annual interest rate. With options for premature redemption available, the SGB scheme remains a popular choice for investors seeking a secure way to invest in gold.
India’s Municipal Corporations Urged to Implement User Charges for Enhanced Urban Finance
Municipal corporations in India are set for a transformative shift in urban finance, as highlighted in the Reserve Bank of India’s report advocating for user charges to boost non-tax revenues. The report emphasizes transparent governance and technological integration to enhance fiscal health and public services. Key sectors like water supply and sanitation are targeted for revenue generation, promoting sustainable urban development. This initiative aims to empower local governments and improve service delivery amidst growing urban populations.
India’s External Debt Landscape Sees Changes in Recent Fiscal Year
India’s external debt landscape saw changes in the recent fiscal year, with short-term debt’s share decreasing. The total external debt reached $663.8 billion by March 2024, with US dollar-denominated debt being the largest component. The external debt to GDP ratio decreased to 18.7%, while debt service obligations rose to 6.7% of current receipts.