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Gold monetisation scheme: Banks to get 2.5 percent commission

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goldNew Delhi:The government will pay banks a 2.5 percent commission for mobilising gold under the gold monetisation scheme and depositors will be permitted premature withdrawal of the precious metal deposited, an official statement said on Sunday.

“The banks would be getting a 2.5 percent commission for the scheme which will include the charges payable to the collection and purity-testing Centres/Refiners,” the finance ministry said in a statement on the gold monetisation scheme.

“It is expected that the modifications will make the scheme more attractive for potential depositors,” it said.

As per the revised guidelines, the government will pay participating banks a fee services like gold purity testing, refining, storage and transportation on medium and long term gold deposits.

Premature redemption have been now permitted under medium and long-term government deposits.

The monetisation scheme encourages individuals, households and temples to deposit gold jewellery or bars with banks or collection agents. The gold deposited would be later refined for domestic purpose and would help cut dependence on imports.

“Any Medium Term Deposit will be allowed to be withdrawn after three years and any Long Term Deposit after five years. These will be subject to a reduction in the interest payable,” the statement said.

Besides, gold depositors can now give the metal directly to the refiner, instead of only through the Collection and Purity Testing Centres (CPTCs).

“This will encourage the bulk depositors, including institutions, to participate in the scheme,” the statement added.

The finance ministry said the gold monetisation scheme, launched by Prime Minister Narendra Modi last November, provides for tax exemptions on interest earned on the gold deposited and exemption from capital gains made through trading or at redemption.

Bureau of Indian Standards (BIS) has modified the licensing condition for refiners from the existing three years of refining experience to one year towards making the scheme more attractive, it added.

“BIS has published an Expression of Interest (EOI) on its website inviting applications from more than 13,000 licensed jewellers to act as a CPTC in the scheme, provided they have tie-up with BIS licensed refiners,” the statement added.

The government has mobilised around 900 kg of gold in over two-and-a-half months’ time through the scheme, which pays depositors interest of up to 2.50 percent per annum.

In an effort to make the scheme more customer-friendly, the Reserve Bank of India (RBI) said earlier this week that depositors will be able to withdraw medium-term (5-7 year) and long-term government deposits (12-15 years) pre-maturely after the minimum lock-in period, albeit with a penalty.

 

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Apple is giving a huge discount on its gadgets: Details inside

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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