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Gold Savings Plans To Be Offered Only For A Year


Jewellers cannot offer any waivers in case of gold deposit scheme after a Thursday order banned unregulated deposit schemes. And for the instalments paid by the buyers on a every month basis for the contracted jewellery, buyer must be given the contracted piece of jewel item within a year's time.


Gold Savings Plans To Be Offered Only For A Year

Also, now these gold savings schemes can only be offered as advance against sales and any other customization in the contracts will bring them under the ambit of business now barred underBanning of Unregulated Deposit Schemes Ordinance 2019.

The federal move does not allows any person or group of persons to accept loan or deposit from any other person other than the relative. Also, in case of partnership concerns, loans and deposits can be accepted only from relatives of a partner or partners.

So, the scheme, where in monthly cash payments is being accepted by jewelers for providing a certain contracted jewel item before the year ran out will hold good only in such a circumstance only.

Read more about: gold
Story first published: Saturday, February 23, 2019, 13:49 [IST]
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