RBI may give payment bank licence to postal department in August

RBI may give payment bank licence to postal department in August: Ravi Shankar Prasad http://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-may-give-payment-bank-licence-to-postal-department-in-august-ravi-shankar-prasad/articleshow/47843056.cms via @economictimes

Policy tweaks can help white label ATMs expand rural reach

Policy tweaks can help white label ATMs expand rural reach: http://www.thehindubusinessline.com/banking/policy-tweaks-can-help-white-label-atms-expand-rural-reach/article7358558.ece

RBI Letter Reg 2nd & 4th Holidays

IT RETURNS e-filing

Online filling up of Income tax returns for Assessment year 2015-16 is open now.
Kindly file your returns in time.

https://incometaxindiaefiling.gov.in/

Gold coins will soon be available with buyback facility

NCDEX launches gold forward contract to cut imports

In a first, commodity exchange NCDEX plans to sell gold coins with a buyback facility, but only when the new forward contract ‘Gold Now’ launched on Thursday enters the second stage.

While various banks sell gold coins, so far no one is offering the buyback option, making things difficult for the consumer when he/she wants to sell. The new NCDEX arrangement gives consumers an exit route.

The ‘Gold Now' platform, an online market for buying and selling gold, will accept gold recycled in exchange-approved refineries. The idea is to reduce dependence on imports by complementing the recently announced Gold Monetisation Scheme (GMS).. With ‘Gold Now’, NCDEX hopes to bring out 2-5 per cent of the 25,000 tonnes of gold lying idle in homes and lockers.

“We intend to offer contracts in 5 gram, 10 gram and 50 grams coins in the next six months,” Samir Shah, Managing Director and Chief Executive Officer of NCDEX, said at a press conference here. At present, the spot trading contract is available in 100 gram and 1 kg bars.

Terming the new product a ‘new national market’ for gold, Shah said the exchange is creating an international standard ecosystem. Investors, too, will get a wider choice as they can either opt for a gold deposit scheme under the GMS, or go for the exchange-based contract.

“When you open a gold deposit account under the proposed GMS, you will get a fixed rate of 1 per cent. But on the exchange platform the returns will be market-driven. One may get 5-6 per cent returns,” he said, adding the new initiative will lead to ‘Make in India’ gold by linking up the gold recycling industry.

“We need to create an awareness in the market. Hopefully, if we get 5 per cent of an estimated 25,000 tonnes of idle gold, you can imagine the impact it will have in reducing imports,” he said. Gold demand in India, the world’s largest consumer, will not come down, but the supply side can be addressed by mobilising idle gold, he added.

Under ‘Gold Now’ contracts, one can trade in ‘imported gold’ accredited by the London Bullion Market Association as well as recycled ‘India gold’ from domestic refineries, he said. Under these contracts, gold will be compulsorily delivered to buyers from six centres — Delhi, Ahmedabad, Mumbai, Kochi, Hyderabad and Chennai.

To ensure quality of the recycled domestic gold, NCDEX has accredited four refineries — MMTC Pamp, Kundan, Shirpur Gold Refinery and Edelweiss Gold Refinery — as ‘Good Delivery’ gold refiners.