Punjab, Haryana gold demand rises to Rs 21,000 cr
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As per the World Gold Council the two states account for Rs 14,000 crore gold demands in the unorganised sector and 35 per cent from organised sector or a total of about 70 tonnes. This is a new fact about the two states known as the food bowl of the country accounting for 60 per cent of foodgrain to national kitty and major provider to national food security.
Amresh Acharya, Director, Investment, World Gold Council who was here in Chandigarh along with Reliance Money officials for the launch of "Reliance my gold plan" told that the capital town of Chandigarh was overall third in per capita income after Delhi and Goa. With high savings this region had unparalleled demand for gold. He said that India is the largest consumer of gold in the world consuming about 900 tonnes of gold per annum.
To tap this demand, the Reliance Money Precious Metals, a Reliance Capital company, and World Gold Council, the market development organisation for the gold industry, today announced the launch of Reliance My Gold Plan. The Plan offers customers the unique opportunity to start accumulating physical gold using a daily average pricing methodology. A minimum subscription of Rs.1000 per month translates to accumulation of gold for as low as Rs. 50 per day. This first-of- its-kind gold accumulation plan was launched by Rishit Sanghvi, Business Head-Gold, Reliance Money.
"Reliance My Gold Plan aims to change the way consumers accumulate gold. As per estimates, North India accounts for nearly 15 per cent of total gold consumed in India last year. A majority of this gold was sold through unorganised sector. We plan to bring transparency, accessibility and purity to this segment with this new plan" said Sanghvi. The plan is 100 percent backed by physical gold which is held with a vaulting agency and is controlled by an independent trustee thereby offering maximum security and safety. The plan is available at a minimum subscription of Rs.1000 per month and can be subscribed for a tenure ranging from 1 year to 15 years. Daily average pricing methodology splits the monthly subscription into equal parts and allots gold grams over 20 successive business days. RMPM has over 100 fulfilment locations across India to ensure hassle free delivery of physical gold to the customers. They plan to expand this network to over 1000 locations in the next few months.
World Gold Council is the marketing partner for Reliance My Gold Plan while the product will be managed by RMPM. The accumulation of gold starts on the day after the realisation of funds and can be tracked using a unique Customer ID. The plan has an administrative charge of 1.5 percent on each subscription, a lock-in period of 6 months and a pre-maturity charge of 2.5 percent if pre-matured before 1 year.
"This is not an investment or financial plan. It is a gold accumulation plan backed by the World Gold Council and is available to customers offline through our distributors, call centres and online though company website" said Sanghvi.
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