According to data India wast the third largest importer of gold after Switzerland and China, because people in India like gold very much.
Gold is not only the precious stone for Indians, its considered as a Status Symbol. Especially in India gold symbolizes wealth. In Indian weddings the Gold brought by the bride shows her family’s status.
Secondly it also a investment instrument for most of people too.
In India gold is the most common thing for every household they have, specially Indian women’s.
How physical gold hurt our economy?
India don’t have much gold mines to fulfill its home demand, therefore India imports gold. Which increase it’s trade deficit to a large extent.
Since gold is mostly kept in our house as ornaments. They don’t attract any interest or income for gold owners too.
How it hurt us?
1. Since gold import has large share of increasing trade deficit and loss of foreign currency. Govt always try to demotivate peoples to buy gold in physical form via increasing import duty on gold. It increase gold price without any inflation in global market.
2. Ornaments mostly sell by local vendor to common people they also try to sell gold in black by not giving any original receipt of sale. Since you don’t have any slip you are not sure about the purity of it.
3. Making of ornament also attracts making charges which can be 7% to 25% of gold price depends on design. Which increase its price as well.
4. Selling of gold also attract depreciation charges as well. (If not hallmark jewelry)
What can we do?
Currently govt inspiring people to buy gold in digital form. Which can be store in your DMAT account or in account of company from which you are buying it.
PayTM the mobile wallet company sold gold in digital form.
Benefits of PayTM Gold
- It doesn’t attract making charges
- You can buy/sell anytime you want.
- No minimum amount or quantity needed to buy/sell Gold. You can buy gold starting ₹1.
- You can use any debit or credit card or payment mode to buy gold from paytm.
- Your Gold will be safe in 100% insured lockers with MMTC-PAMP, at no extra charges.
- You can request delivery of your gold anytime, and it will be delivered to your doorstep in no time via a secured delivery network.
Checkout the process after you buy gold from PayTM Gold
Read about people benefited through paytm gold.