INSUBCONTINENT EXCLUSIVE:
MUMBAI: Jewellers offering gold savings programmes, wherein buyers pay every month to receive the contracted piece of ornament at the end of
unregulated deposit plans
Bullion market sources said that jewellers can offer such gold savings plans only as advance against sales
Any other manner of customised contracts would bring such offers under the ambit of deposits, a line of business now barred under the
Banning of Unregulated Deposit Schemes Ordinance 2019.
The federal move bars any individual or group of individuals from accepting any
deposit or loan from any person other than relatives
Similarly, partnership firms can accept deposits or loans from relatives of a partner/s
Anantha Padmanabhan, chairman, All India Gem Jewellery Domestic Council (GJC), said that as long as the plans were treated as advance
against sales and resulted in the contracted ornaments being given to customers before the year ran out, there would be no problem in
Surendra Mehta, national secretary of India Bullion Jewellers Association, said many jewellers in the interiors who offer such plans for a
period exceeding 12 months would have to stop them after this order.
