Tuesday April 23, 2019
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PM Modi launches three gold-related schemes

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New Delhi: Prime Minister Narendra Modi on Thursday launched three gold-related schemes, including a coin engraved with the images of national emblem Ashok Chakra and Mahatma Gandhi on its two sides, in a bid to put some 20,000 tonnes of idle gold into productive use.

The other two schemes launched here are the gold monetisation scheme to convert jewellery and other yellow metal assets with people into interest-bearing deposits, and the sovereign bond scheme with an eight-year tenure, while allowing an exit option after five years.

We take a look at all three schemes:

Gold coins

-The coins will be available in denominations of 5 and 10 grams. A 20 gram bar or bullion will also be available. About 15,000 coins of 5 gm, 20,000 coins of 10 gm and 3,750 gold bullions will be made available through MMTC outlets.

-The Indian Gold coin is unique in many aspects and will carry advanced anti-counterfeit features and tamper proof packaging that will aid easy recycling.

-These coins will be distributed through designated and recognised MMTC outlets.

Gold Monetisation Scheme

Resident Indians (individuals, HUF, trusts, including mutual funds/exchange traded funds registered under Sebi norms) can make deposits under the scheme. The minimum deposit at any one time will be raw gold (bars, coins, jewellery excluding stones and other metals) equivalent to 30 grams of the precious metal of 995 fineness. There is no maximum limit for deposit under the scheme and the metal will be accepted at the Collection and Purity Testing Centres (CPTC) certified by the Bureau of Indian Standards.

Sovereign Gold Bond

Instead of buying gold in physical form investors can park their money in bonds which are backed by gold. The bonds will be available both in demat and paper form. Sovereign Gold Bond has more or equal advantage against the physical gold. The bond will be issued by RBI on behalf of the Government of India. The bond would be restricted for sale to resident Indian entities and the maximum allowable limit is 500 grams per person per year.
According to the World Gold Council, an estimated 22,000-23,000 tonnes of gold is lying idle with households and institutions in India. The annual imports amount to around 850-1,000 tonnes valued at $35-$45 billion.

These schemes will tap the festive season ahead of Dhanteras and Diwali.

(With inputs from various sources)

 

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Google Pay Users Can Now Even Buy Gold Through the App

The petitioner has sought direction to the RBI to stop Google Pay operation in India

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The app "Google Pay" displayed on a user's Smartphone.

Aiming to make Google Pay more useful for Indian users, Google on Thursday announced its partnership with MMTC-PAMP India for buying and selling gold through the application.

MMTC-PAMP India Pvt. Ltd is an internationally recognised metal and mining service provider.

“Google Pay users would be able to buy 99.99 per cent, 24 karat gold after this partnership with India’s only LBMA accredited gold refinery,” the company said in a statement.

With this, Google Pay users can purchase gold for any value that will be stored in secure vaults on their behalf by MMTC-PAMP. The users can buy and sell the gold any time at the latest price, refreshed every few minutes, as displayed on the Google Pay app.

Google Pay.

“Gold is core to Indian culture and tradition, making India the world’s second largest consumer of gold. Keeping this in mind, we introduced gold buying and selling feature on Google Pay for millions of Indians who can buy gold right from their mobile phones,” said Ambarish Kenghe, Director-Product Management, Google Pay, India.

The announcement came as the Delhi High Court on Wednesday asked the Reserve Bank of India (RBI) and Google India Digital Services Private Limited to file a reply on a plea alleging Google Pay not being listed as an authorised operator as per a list of the ‘Payment System Operators’.

Also Read- Indians Are Willing To Share Personal Information With Their Banks, Claims Study

A division bench of Chief Justice Rajendra Menon and Justice Anup Jairam Bhambhani issued notice to the RBI and Google India Digital Services Private Limited on a PIL filed by Abhijit Mishra.

The petitioner has sought direction to the RBI to stop Google Pay operation in India. (IANS)