Page 44 - Bullion World Volume 03 Issue 07 July 2022
P. 44
Bullion World | Volume 2 | Issue 07 | July 2022
INDIA news
RBI issues norms for gold import by qualified
jewellers through IIBX
As per the guidelines of the RBI, banks may allow
Qualified Jewellers to remit advance payments for 11
days for the import of gold through IIBX in compliance
with the extant Foreign Trade Policy and regulations
issued under IFSC Act. It also said all payments by
qualified jewellers for imports of gold through IIBX
should be made through the exchange mechanism
approved by IFSCA.
Source: https://www.business-standard.com
PhonePe launches UPI SIP for gold
investments
The digital payments company, PhonePe has
announced the launch of UPI SIP for investing
in gold. Users can now invest in 24K gold for a
specified amount every month and accumulate
their gold in insured bank-grade lockers maintained Digital Gold is the Most Preferred Investment,
by PhonePe’s partners, MMTC-PAMP and Finds Survey by SafeGold
According to a survey, 90% of the participants
SafeGold. The user has to select the gold provider,
expressed interest in digital gold as their preferred
mention the monthly investment amount, and
investment choice. Almost 26% said that they make
authenticate with the UPI PIN, and the deposits will
regular monthly investments in gold. On the other
be deducted automatically every month.
hand, 46% of the respondents stated that they make
Source: https://www.thehindubusinessline.com
the gold investment only during festival seasons or on
the occasion of events such as marriages. The survey
highlighted gold’s appeal as a durable store of value
and a hedge against inflation, with 67% choosing gold
investment owing to its ability to deliver long-term
returns. The millennials tend to shun traditional assets
like bonds, real estate, and equities in favor of digital
options, including digital gold, the survey said.
Source: https://www.scrapmonster.com
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