Moti­lal Oswal, with MMTC Pamp, of­fers dig­i­tal gold

Business Standard - - COMMODITIES - DILIP KU­MAR JHA

Moti­lal Oswal Fi­nan­cial Ser­vices (MOSL) has in­tro­duced ‘Me-Gold’, a dig­i­tal form of gold trad­ing for in­di­vid­u­als.

It has done so in part­ner­ship with MMTCPamp, the coun­try’s only gold re­finer which is ap­proved by the Lon­don Bul­lion Mar­ket As­so­ci­a­tion. There will be an op­tion for phys­i­cal de­liv­ery. Last year, Paytm, a dig­i­tal wal­let and now a pay­ments bank, had in­tro­duced gold coins in part­ner­ship with MMTC-Pamp.

Me-gold fa­cil­i­tates trad­ing in gold in ru­pee and gram­mage de­nom­i­na­tions, at a price de­ter­mined by the global mar­kets. Cus­tomers can buy and sell gold through a mo­bile ap­pli­ca­tion. “Our 900,000 cur­rent clients can in­stantly start buy­ing qual­ity gold, for fu­ture con­sump­tion ei­ther for their chil­dren’s wed­ding or sav­ing to ac­cu­mu­late for larger pur­chases for gold or­na­ments or just for sav­ing in the form of gold. The prod­uct sat­is­fies all the qual­i­ties of phys­i­cal gold and pro­vides the con­ve­nience of e-com­merce,” said Moti­lal Oswal, chair­man.

While cus­tomers would trade in the elec­tronic form, MMTC Pamp, the sup­plier of gold, would store this in its vaults till the traders seek de­liv­ery. Af­ter pay­ment of the charges and ap­pli­ca­ble taxes, MMTC Pamp would fa­cil­i­tate the de­liv­ery in the form of coin, the min­i­mum de­nom­i­na­tion be­ing a gm.

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