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India’s cabinet approves new gold bond scheme with interest

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9 years ago

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New Delhi: India on Wednesday approved a new sovereign gold bond scheme, as also a monetisation scheme to incentivise people to park their gold assets in a paper format and earn interest, while seeking to productively use vast amounts of this idle metal in the economy.

Under the gold bond scheme, approved by a meeting of the cabinet presided over by Prime Minister Narendra Modi, up to 500 grams worth of bonds per annum can be bought by an individual with lock-in of five-seven years and appropriate interest so that they are protected from volatility.

The gold monetisation scheme, also approved on Wednesday, calls for people to deposit their gold with authorised agencies for a short-, medium- or long-term periods, for which they will be given certificates of holding, Finance Minister Arun Jaitley said at a briefing.

“This will also bear interest,” Jaitley said, adding: “This has been done to replenish the Reserve Bank’s gold reserves.”

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 billion to $45 billion.

Officials said the objective of these two schemes are three-fold: Mobilise idle gold with people, give a fillip to the gems and jewellery sector by making the metal available from banks on loan and reduce the reliance on imported gold and conserve foreign exchange.

In his budget speech on Feb 28, Finance Minister Arun Jaitley had said that the government will come up with two schemes for gold — one on monetisation, or permitting gold deposits with banks on interest, and the other on redeemable gold sovereign bonds also with fixed interest.

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

Published

3 years ago

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May 5, 2022

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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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