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Instant gold
As the gold-buying fever gripped the country on the occasion of Akshaya Tritiya, Paytm launched digital gold, that will help Indians buy, store and sell gold instantly. If you are a Paytm user, you can now purchase gold online and store it in MMTC-PAMP’s vaults free of charge. If you prefer to hear the clink of freshly minted gold coins, you can have it delivered home. Selling the gold also becomes instantaneous online. Don’t worry if you are facing a cash crunch, you can buy gold for as little as ₹1.
Good or bad?
In its recent board meeting, SEBI has laid down that mutual funds can offer instant access facility (via online mode) of up to ₹50,000 or 90 per cent of the folio value, whichever is lower, to retail investors in liquid schemes. However, note that some funds are already offering instant access up to ₹2 lakh. The withdrawal limit for them will now be capped at a lower point. In non-liquid schemes providing this facility, the instant access option should be withdrawn within one month of the circular being issued.
MFs with e-wallets
SEBI also announced that retail investors can invest up to ₹50,000 per mutual fund per financial year through e-wallets. However, redemption of such investments can be made only to a bank account of the unitholder. E-wallet issuers must not offer any incentive such as cash-back. E-wallet’s balance loaded through cash, debit card or net banking, can only be used for subscription to MF schemes and balance loaded through credit card, cash-back, promotional schemes, etc should not be allowed.
Stock futures in GIFT
The BSE’s international exchange — India INX — in the GIFT city has begun trading in single stock futures and options of 10 companies, including Reliance Industries, Infosys, TCS, Tata Motors, Axis Bank and ICICI Bank. India International Exchange or India INX, a wholly-owned subsidiary of the BSE, is the first international exchange to become operational at the International Financial Service Centre at the Gift City in Gujarat. The exchange went live on January 16.
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