New rules cap deposits for gold retailers, and limit interest rates.
Author: Shivom Seth
Posted: Monday , 28 Jul 2014
MUMBAI (MINEWEB) -
An anxious Manisha Kamble, 34-year-old housewife from a Mumbai suburb, has been given a notice by her jeweller: encash the regular installments of money she had deposited at the retailer and buy gold jewellery.
Like Manisha, others who have been depositing small sums of money every month (like a recurring deposit) to make an annual purchase of gold jewellery have been left high and dry, after a recent move by the banking regulator to bring gold installment schemes under the ambit of public deposits. ...