Gold Banking
(SRIDHAR)
Indian Jewellers offer gold-accumulation plan. money can be deposited on a regular basis and the jeweller converts into gold at prevailing prices.interest is earned during the fixed tenure of investment.on redemption,the corpus is converted into gold coins.This is like a forced sturctured saving scheme.If the RBI permits,banks would offer similar products.
In hongkong,singapore and Taiwan, banks ofer gold saving account,where cash is converted into gold and interest earned theron.Investors must maintain a minimum balance,but have the option of withdrawing.This concept may not be permitted if RBI continues to treat gold as a quasi-foreign currency.
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