Page 16 - Bullion World Volume 02 Issue 11 November 2022_Neat

Bullion World | Volume 2 | Issue 11 | November 2022
SafeGold - Jewellers to have access to

cheaper capital on an unfixed basis

Mr Gaurav Mathur, Founder and Managing Director, SafeGold
An Exclusive Interview to Bullion World (BW)

A vast majority of the industry, comprising As digital gold is 995 or 999, and
MSMEs, have no access to adequate credit or risk jewellery is usually 91.6, how does
management products within the current financial it work in practice? Can you show
set-up. Through our new lease offering, our aim is an illustration? What has been the
customer experience so far?
to use technology to bring MSME borrowers into Approximately 2000 retail outlets
a digital ecosystem with the attendant benefits of across India will exchange a
convenience and transparency while offering new customer’s SafeGold balance for
avenues of income to retail gold owners. jewellery, including such prominent
brands such as Tanishq and
Caratlane.

implications, if any. An example of the purity conversion
When someone receives their calculation is as follows:
SafeGold gift, they can either claim it A customer has 1 gm of 999.9
in their existing SafeGold account or SafeGold balance; this will be treated
open one to claim it within 14 days. as 1 x (999.9/916.7) = 1.0907 gms
If the recipient doesn’t claim the gift, of 22K (916) gold.
the gold reverts to the sender in 14
days. BW. Convert to coins. Please
elaborate on the mechanism
For any amount above Rs. 500, the involved. And is there any minimum
recipient needs to provide a PAN denominations here?
card and other KYC information A customer has to pay a minting and
before they can sell the gold, ask for delivery fee for delivery of a coin/
delivery etc. The IT rules related to bar to their home. The minimum
SafeGold, as a pioneer, the taxation of gifts received apply to weight is 0.5gms. All coins/ bars are
has been working hard on digital gold as well. the highest purity of 999.9, packed
increasing the use cases for in tamper-proof packaging and
digital gold. Before I ask you Only individuals who are not GST- guaranteed zero negative tolerance
specific questions on the new registered entities can use the gifting in weight and purity. The shipping
leasing service, let me get facilities. For businesses, DGIPL is fully insured till delivery to the
some updates on other options. offers a separate route for corporate customer.
gifting. The total value of gifting for
BW. Gift your gold. In this option, can individuals is capped at Rs. 2 lakhs/ BW. Now let me come to Gold
a holder gift her digital gold to any year. Leasing. Congratulations for
person (including non-relatives)? Is introducing this service, yet another
there any restriction on the quantity? BW. Pay for your jewellery. This is first from SafeGold in the digital gold
Can gold be gifted to a person who a very attractive option. A couple space.
is not having a SafeGold account? of questions. How many jewellery
Also, please elaborate on the tax retailers are linked to the scheme?

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