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‘e-Gold’ units can now be converted into 1 gm gold coins
This facility is offered by National Spot Exchange Limited (NSEL) which has now facilitated physical delivery in e-gold as minimum 1 gm lot, besides the existing options of delivery in denominations of 8 gms, 10 gms, 100 gms and 1 kg. There is also the freedom to take physical delivery of gold via the exchange whenever required.
In order to convert electronic gold units into physical gold, an ivestor must surrender the electronic units and apply for physical gold. The exchange, at present, provides the choice to exchange e-Gold units into coins/bars of 1, 8, 10, 100 gram and 1 kg and any combination thereof.
It charges an amount of Rs. 100 each as conversion charges of 1 gram coins and Rs. 400 for conversion of 8 gram/10 gram coins. In case of 100 gram coins and one-kg bar, the exchange doesn’t charge anything.
In addition to these charges, one is required to pay VAT @ 1% throughout the country as well as octroi charges to convert electronic units into physical coins. One has the choice to take delivery of the physical gold at any place where NSEL has delivery centers. At present, the exchange has delivery centres in Kolkata, Chennai, Hyderabad, Jaipur, Mumbai, Ahmedabad, Delhi, Bangalore, and Kochi.
While the trade is done in electronic unit, equivalent physical gold is kept by the in the exchange designated vault having purity of 995 and is fully insured.
Since launch in March 2010, e-Gold has offered far better returns compared to other gold investment options and has given a return of 67.03%, which is the highest compared to all other forms of investments in gold.
About NSEL
National Spot Exchange Limited (NSEL) is a national level, institutionalised, electronic, transparent spot market. The Exchange is poised to transform the commodity market by way of reducing the cost of intermediation and thereby improving marketing efficiency.
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