Reliance MF to recommence sale of Gold Savings Fund
The fund house had suspended the sale with effect from August 1, 2013, saying it wanted to support the government's efforts to minimise gold import which was hurting the country's economic interest.
According to a notice sent to investors, Reliance Mutual Fund said since the current macro-economic environment has improved, fresh investment requests would be accepted from October 23.
India's high gold imports were cited by experts for its high current account deficit (CAD), leading to a sharp drop in rupee against dollar. The government took several steps such as increasing import duty on gold from 4 per cent to 8 per cent and severely restricting imports and loan against gold by banks.
These measures resulted in virtually no import in July this year. The economy has also shown signs of improvement with the government looking more confident of keeping the CAD at 3.7 per cent of the GDP, or $70 billion in 2013-14 compared to 4.8 per cent, or $88.2 billion in 2012-13. Rupee has also gained 10 per cent since its low of 68.36 against dollar. The currency closed at 61.65 on Tuesday.
Meanwhile, gold imports have picked up. Imports of the yellow metal were 7.24 tonne in September, more than double August's level of 3.38 tonne.
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Reliance MF to recommence sale of Gold Savings Fund
Reviewed by Unknown
on
11:05:00 PM
Rating:
Reviewed by Unknown
on
11:05:00 PM
Rating:
Good Information,A Gold Savings fund offers you the option of SIPs which are suitable for those who want to invest in a regular and disciplined manner on a long term basis.If you do have your Demat account, Gold ETFs can be a better option as they will also cost you lesser than Gold Savings Funds.
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