Moti­lal Oswal ties up with MMTC-PAMP for on­line gold sale

The Hindu Business Line - - NEWS -

Lead­ing broking firm Moti­lal Oswal Se­cu­ri­ties has tied up with MMTC-PAMP In­dia, the coun­try’s only LBMA (Lon­don Bul­lion Mar­ket As­so­ci­a­tion) cer­ti­fied gold re­fin­ery, to sell gold coins through its mo­bile and on­line plat­form Me-Gold.

In­vestors need not open a de­mat ac­count with Moti­lal Oswal to buy gold through MeGold but have to com­ply with the KYC (know your cus­tomer) norms. Though the min­i­mum quan­tity de­liv­ered is of one gram (of 24 kt) worth about ₹3,000, in­vestors can ac­cu­mu­late it in small quan­tity with in­vest­ment of ₹1,000 a month.

They can also start sys­tem­atic in­vest­ment plan to ac­cu­mu­late gold.

Gold price on the plat­form is linked to the in­ter­na­tional spot prices and is up­dated in ru­pees live in­clud­ing the 10 per cent im­port duty. The GST of 3 per cent will be levied ex­tra. The on­line plat­form also has an op­tion to sell the gold ac­cu­mu­lated in elec­tronic form with­out in­cur­ring mak­ing charges.

For cus­tomers who in­tend to buy jew­ellery can ex­change the dig­i­tal gold bal­ance with em­pan­elled jewellers such as PC Jewellers, Senco Gold, Wa­man Hari Pethe Jewellers, pro­vided they are will­ing to shell out the mak­ing charge for the jew­ellery.

Moti­lal Oswal is also in talks to em­panel more jewellers into the list. Moti­lal Oswal, Chairman and Man­ag­ing Di­rec­tor, MOSL, said its re­tail client base of 9 lakh peo­ple can start buy­ing qual­ity gold on the plat­form in­stantly and can gift them to oth­ers.

The prod­uct sat­is­fies all the qual­i­ties of de­liv­er­ing pure phys­i­cal gold and pro­vides the con­ve­nience of e-com­merce, he said.

Kishore Narne, Head of Com­modi­ties, Moti­lal Oswal, said the prod­uct caters to the needs of cus­tomers such as get­ting pure gold at the con­ve­nience of buy­ing from home in the quan­tity they re­quire.

“Given the Indian con­sumers ap­petite for gold, we are ex­pect­ing to sell about 1-1.5 tonnes in the first year of op­er­a­tions,” he said.

Ar­jun Ray­chaud­huri, Chairman and Man­ag­ing Di­rec­tor, MMTC-PAMP, said the tie-up is a vi­tal step in giv­ing every Indian ac­cess to buy­ing high qual­ity pure gold in a con­ve­nient and trans­par­ent man­ner.

Mo­bile wal­let com­pany Paytm has a sim­i­lar tie-up with MMTC-PAMP to sell gold through its on­line plat­form.

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