Jewellers rework gold schemes!
Posted on: 17/Jul/2014 3:13:12 PM
People who have been depositing small sums of money every month to make annual purchase of gold jewellery are anxious after the recent move to bring gold instalment schemes under the umbrella of public deposits.
Several jewellers across the city are either reworking or withdrawing their schemes to suit the new regulations.
The new Companies (Acceptance of Deposit) Rules, 2014, limits the interest rate that companies can offer depositors to 12.5 per cent, and caps the total deposits collected to within 25 per cent of their net worth. This has led the jewellers to limiting the scheme period to 12 months instead of 15 months or five years.
Some jewellers like Tanishq have decided to discontinue such schemes and either reimburse their depositors or provide jewellery for the deposited amount.
However, several customers are eager that the jewellers must not scrap the scheme. They should find another way so we can save on wastage and making charges. At the same time, they are aware that this is a welcome move safeguarding them from frauds!
Most jewellers are limiting the deposit amount. Those offering instalments that go beyond a year, and more returns, have to follow a lot of procedures.
