The Hindu : Business : Apollo Sindhoori’s scheme for buying gold

Online edition of India's National Newspaper
Saturday, Oct 27, 2007
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Business

Apollo Sindhoori’s scheme for buying gold

Special Correspondent

Investors can sell the gold in futures

Facility provided to keep the gold in demat form
Contract will be rolled over every month

CHENNAI: Apollo Sindhoori Commodities Trading Ltd. has launched a unique saving scheme for investors to acquire pure gold.

Under the scheme, investors pay an initial margin. The balance is paid in instalments of their choice, namely, Rs. 7,500, Rs. 4,000 and Rs. 2,500.

The scheme allows investors to lock the price of gold at the current market rate, enabling them to get gold at competitive prices.

They can sell the gold in futures and exit at any time at the then prevailing market price and demand immediate money.

If the market fluctuations give the better rate, individuals will get to enjoy the profit without having to lift delivery of gold.

At the end of the instalment period, investors have the option of taking delivery in physical or demat form.

The facility to keep the gold in demat form will help investors get back the VAT charges paid by them on selling. However, they have to bear the necessary warehouse charges for keeping the dematerialised gold.

The clearing member will roll over the contracts every month as per the regulations of the commodity exchanges. This way, investors’ position is marked to the current rate of the exchange.

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