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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
MY GOLD PLAN FAQs
About the Company and Structure
1. What is Reliance My Gold Plan?
Reliance My Gold Plan (R-MGP) is a product offered by Reliance
Money Precious Metals Private Limited (RMPM)
to enable systematic purchase of gold by customers for their
personal requirements. Under the plan a customer
would remit / pay a fixed sum of money on a monthly basis for a
fixed period of time to RMPM, as advance
consideration towards purchase of the contracted value of gold.
The customer receives credit for accumulations, of
gold purchased by RMPM, at periodic intervals through a Daily
Averaging Methodology. The sale shall be
completed only upon payment of all the monthly installments and
other charges as may be specified. R-MGP
accumulated gold grams can be converted into gold coins at the
end of the tenure from multiple specified outlets
across the country.
R-MGP is neither a financial product nor a deposit but a method
of purchasing gold through periodic accumulations
for the personal needs of the customer. Neither RMPM nor World
Gold Council (WGC), or any of their associates,
offers any investment advice or promises /forecasts any assured
return through R-MGP while promoting the
product.
2. Can you elaborate on the partnership between World Gold
Council and Reliance Gold - Reliance Money Precious Metals (RMPM)?
How much have each partner invested in this product?
Our partnership with World Gold Council is not new and we have
been jointly making Gold Coins accessible to the
masses PAN India through India Post Offices and our own
distribution strength. Reliance experience in the gold
business and WGC research on Indian Consumer both indicated a
need for a simple gold accumulation product
which is affordable, is safe and can be easily fulfilled. WGC is
the marketing associate for R-MGP. It will assist
RMPM in marketing and promoting R-MGP. RMPM will provide the
R-MGP product and is responsible for day-to-
day management which includes procurement of gold, dealing with
the service providers, servicing customers,
distributors and fulfillment partners pan India. Marketing
efforts are shared, and we are confident that the product
will be an efficient solution to the customers looking to
accumulate gold.
3. Why a separate company is required for R-MGP
As you know we have designed the product keeping the security of
the customer in mind. We have a Security
Trustee who ensures that even penny paid by the customer is
backed with physical gold, there is a custodian with
whom the gold is stored, the gold stored is insured and there is
a reputed service provider who ensures that the
customer id is created and gold grams are allotted in time to
the customer as per the terms and conditions. To
ensure that the customers interest is not compromised with any
other business, there was a need to form a
separate company and hence Reliance Money Precious Metals was
formed. Although MY GOLD PLAN is the sole
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
product promoted by the company as of now, there would be more
products that we would be launching in the
near future.
4. What is the role of the Security Trustee
The Security Trustee is entitled to act on behalf of the
customers and ensure that the interests of the customers are
protected. The security Trustee will have a first and exclusive
charge on the gold associated with accumulations held
by the customers.
5. Is there any regulator or Grievance redressal mechanism?
MY GOLD PLAN is neither a Collective Investment Scheme nor a
Deposit. Thus this plan doesnt fall under the
purview of SEBI or RBI. Hence there is no regulator for this
product offering. To ensure that the customer interest is
of foremost importance, a Security Trustee has been appointed
for MY GOLD PLAN. For any grievances the customer
can approach the Security Trustee.
6. Is the gold associated with my accumulations kept in safe
custody?
Yes, the gold associated with the accumulations credited in your
account is kept in safe custody with a Safe Keeper
in accordance with the terms of offer mentioned in the product
brochure. Lemuir Secure Logistics Pvt. Ltd. has been
appointed Safe Keeper by RMPM. Lemuir is one of the largest
service providers for gold import handling, vaulting
and distribution in India.
7. What will happen to the gold associated with accumulations in
my account, in the unlikely event of RMPM going
into liquidation?
The gold associated with the accumulations in your account is
separate from the other assets of RMPM.
IDBI Trusteeship Services Limited has been appointed by RMPM as
the Security Trustee who will act for and on
behalf of the customers. The gold purchased by RMPM and
associated with the accumulations in Customer Accounts
is transferred to the Safe Keeper appointed by RMPM for the
product. When RMPM is required to sell the gold and
transfer title to the customer, the requisite quantity of gold
will be removed from the Safe Keeper and delivered to
the customer through either a Coin Fulfillment Partner or a
Jewellery Fulfillment Partner depending on the choice of
the customer.
Since the Safe Keeper has a first and exclusive charge over the
gold over other commercial creditors till the time of
Fulfillment and the gold is separate from the other assets of
RMPM, any unlikely adverse event happening to RMPM
should not affect the gold associated with the accumulations in
your account
8. Are there any other partners involved in My Gold Plan?
Reliance Money Precious Metals is the central entity which
manages the product and World Gold Council is the
Marketing Associate. Apart from this there are no other
partners. The other entities involved are given below:
1. Lemuir Logistics who is our custodian with whom the gold
grams allotted to the customers are stored
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
2. IDBI Trustee who is the trustee who overviews the entire
operations and ensures that the gold grams allotted to
the customers are backed by physical gold and the customer gets
the gold coins/jewellery upon submission of
fulfilment request
9. How will the product benefit Reliance Gold and World Gold
Council?
World Gold Council is a market development organization for the
gold industry and the global voice of authority for
gold. It is a non-profit organization whose sole purpose is
promotion of gold across the world. Through this product
we aim to provide access to good quality gold to the masses in
India and make accumulation of gold accessible,
secure and transparent.
About the Product positioning and conception
10. Is there a need for such a product in India, especially when
similar scheme are already been offered by family
jewellers / retail jewellery chains?
The market for Physical Gold in India is highly fragmented with
each jeweller offering their own schemes. The
problem is that the relationship of the customer with the
jeweller is purely based on trust and there is very little
transparency. Our study reveals that there is a huge under
carratage in the gold sold in India i.e. 22 Karat Gold sold
may actually be 18 Karat or 20 Karat. Moreover the jewellers
offer redemption only in the form of jewellery when a
customer subwscribes to a jewellery scheme and the customer
doesnt pay the average price but the price of gold at
the time of redemption so it is more of a financing scheme. MGP
is a unique product through which we will buy
physical 24k gold on behalf of the customer everyday. The
product is completely transparent and the customer
know for sure how his/her money is being utilized.
11. What kind of approvals you have received from Indian
Government and/or RBI to launch this Product?
As per the Sale of Goods Act, 1930 Section4, a Contract of Sale
of Goods is where
The seller transfers or agrees to transfer the property in goods
to the buyer, for a money consideration called
the price
Thus the expression Contract of Sale of Goods includes both a
sale as well as Agreement to sell. An Agreement
to Sell is where the ownership of Goods is to be transferred at
a future time or subject to some conditions to be
fulfilled later on.
Under Reliance My Gold Plan,
1. Reliance Money Precious Metals purchases Gold through RBI
nominated bullion agencies for every
subscription made by the customer via a Daily Averaging
Methodology.
2. However the transfer of ownership doesnt take place at the
time of subscription
3. The transfer of ownership takes place at the time of
fulfillment wherein the customer has to pay the VAT
and other applicable State taxes/levies apart from other
fulfillment related payments like making charges
and round-off charges for the residual grams.
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
Thus Reliance My Gold Plan is not a Collective Investment Scheme
Doesnt come under the purview of SEBI
Section 11AA of SEBI Act defines a collective investment scheme
as any scheme or arrangement offered
by a company under which payments made by investors are pooled
and utilized to receive profit,
income, produce or property, and is managed on behalf of the
investors.
Reliance My Gold Plan only provides the means to do an advance
purchase of Gold for sale at a future
date. No yield or returns are promised under the plan and the
customer has to compulsorily take
delivery of the gold accumulated under his/her RMGP Account.
Thus, Reliance My Gold Plan is not a deposit Doesnt come under
the purview of RBI
Reliance My Gold Plan purchases gold for every subscription made
by the customer via the Daily
Averaging Methodology. Hence RMPM is doing advance purchase of
gold and storing the gold with the
safekeeper for delivery at a future date. The plan promises no
yields or returns for the money collected
from the customer. Hence the subscription cannot be termed as a
deposit.
12. What is the communication objective for My Gold Plan?
The communication objective is to establish Saving in Gold &
Affordability Buy Gold everyday
13. Do you anticipate any fraud selling of this product?
There is post sale call verification with the customer. This
process is to take care of a fraudulent transaction. We
have not encountered any false sale in the preceding soft launch
period.
14. Is MGP better than e-gold or ETF or FoF? If yes, Why?
Both products address a different client group and have
different requirements. It may not be ideal to compare
them against each other. E-GOLD and ETF require Demat accounts
are basically aimed at traders and investors who
wish to benefit from the rising prices of gold and expect a
particular financial return. FoF is a mutual fund
investment which is again aimed at investors who expect a
financial return. My Gold Plan is a product which
promotes savings in gold and is aimed at fulfilling the physical
gold needs of customers.
About the product details
15. What are the eligibility criteria for R-MGP?
Any adult Resident Indian, Non Resident Indian (NRI), Minors
(wherein parents / lawful guardians are applying
on behalf of Minors) & Hindu Undivided Family (HUF) can
enroll for R-MGP.
16. Can a minor enroll into R-MGP?
Yes, an account can be opened in the name of the minor. Proof of
date of minor and Know Your Client (KYC) proof
of the guardian has to be submitted along with application
form.
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
17. What is the Purity of Gold offered under MY GOLD PLAN?
MY GOLD PLAN offers 24 Karat Gold of 995 Fineness.
18. What is the difference between Fineness, Purity and
Karat?
Fineness: Fineness is the measure of the purity of the metal
that was used to make the coin. It is usually expressed
as parts per 1000.
Percent Purity: Percent Purity is the measure of the purity of
the metal which is expressed in Percent terms i.e. parts
per 100.
Karat: Gold Purity is usually measured in Karats ranging from 18
Karat to 24 Karat. In terms of Purity 18 Karat
translates to 75% purity and in terms of fineness it translates
to 750 fineness.
The relation between Karat and Fineness is described below:
1 Karat = 1000/24 Fineness. So, 1 Karat represents 41.6
Fineness.
Hence 24 Karat represents anything between 958 Fineness and 1000
Fineness.
So, a Gold Coin with 960 parts of Pure Gold and balance 40 parts
of Copper is also 24 Karat Gold and a Gold Coin
with 980 parts of Pure Gold and balance 20 parts of Silver is
also 24 Karat.
19. Which are the agencies which certify Gold in India?
Government of India has identified Bureau of Indian Standard as
the sole agency in India to operate the BIS
Hallmarking Scheme. The BIS Hallmarking Scheme has been aligned
with International criteria on hallmarking
(Vienna Convention 1972). A Hallmark, consists of five
components i.e. BIS Mark, the Fineness number
(corresponding to given carratage), Assaying and Hallmarking
Centre's Mark, Jeweller's identification Mark and year
of Marking denoted by a code letter and decided by BIS (e.g.
code letter `A' was approved by BIS for year 2000, `B'
being used for the year 2001 and `C' for 2002 and 'J' for 2008).
The marking is done either using punches or laser
marking machine.
Some manufacturers also issue Assay Certification which can be
obtained through Assay Offices. Assay offices are
institutions set up to assay (test the purity of) precious
metals, in order to protect consumers. All R-MGP Gold Coins
shall be BIS certified.
20. How does the Daily Averaging Concept offered under MY GOLD
PLAN work?
Each subscription amount received from the customer is divided
into 20 equal Daily Purchase Amounts and Gold
Grams up to 4 decimals are allotted by dividing each Daily
Purchase Amount by the Gold Price (inclusive of
Administrative Charges) on each business day.
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
21. What is the benefit of Daily Averaging Concept?
By allotting grams on the basis of Daily Averaging the price
volatility of Gold is minimized thereby insulating the
customer from the price volatility.
22. What are the various charges under R-MGP
Administrative charges shall be levied on every accumulation by
effecting a mark-up of 1.5% on the Daily Gold Price.
This is a non-refundable fee paid towards setup/ administration
costs
There is a nominal pre-termination charge of 2.5% of the
subscription amount which is charged in case the
customer fulfils post the lock-in period but before completing
the minimum tenure of 1 year. Moreover this charge
shall be waived off in case the customer is willing to purchase
gold worth a minimum of 12 months commitment.
Safe Keeping Charges of 0.5% per annum on the total subscription
amount. The charge is applicable only in case the
customer does not take delivery of gold coins within 60 days
from the date of issue of Fulfillment Voucher or the
date of completion of chosen tenure whichever is earlier.
23. What are the making charges on Coins?
The making charges include the labor charge, packaging charge
and the cost of assay certification. Please find below
the coin making charges for coins of various denominations:
Denomination 0.5 gm 1 gm 2 gm 4 gm 5 gm 8 gm 10 gm 20 gm 50
gm
Making
Charge (Rs)
75 100 120 140 160 200 200 300 450
24. Why is the Administrative Charge charged on MY GOLD PLAN
price instead of the Subscription amount? Does the
customer take a greater hit if the administrative charge is
charged on MY GOLD PLAN price?
The product has been structured in such a way that the
Administrative charge is charged on the MY GOLD PLAN
price instead of the Subscription amount and the terms and
conditions state the same. Such an arrangement is
beneficial to the customer.
Consider a subscription amount of Rs. 10000 and Rs. 3000 to be
the Gold Price.
If the administrative charge were to be charged on this
subscription amount then the Administrative Charge would
be Rs. 150. Thus the grams allotted would be Rs. 9850 / Rs. 3000
= 3.2833 grams.
If the administrative charge were to be charged on the Gold
Price then the Administrative charge would be an
additional Rs. 45 (Rs. 3000 x 1.5%) added to the Gold Price.
Thus the grams allotted would be Rs. 10,000 / Rs. 3045 =
3.2840.
You can test this by decreasing the subscription amount or by
increasing the price of Gold and the customer will
always be the winner.
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
25. What are the various tenures available under R-MGP?
Customer can enroll into the plan with tenure ranging from 1
year to 15 years with an interval of 1 year. This tenure
can be extended by the customer by submitting a renewal request
form.
26. Can the plan tenure be extended?
Yes. The plan tenure can be extended by submitting a renewal
request form,
27. Is there any lock-in period for this plan?
Yes. There is a lock-in period of 6 months from the date of
initial subscription. Fulfillment of gold grams shall not be
permitted during the lock-in period.
28. What is the minimum & maximum contribution amount for
this plan?
The minimum contribution amount for this plan at the time of
application is Rs. 1,000/- and in multiples of Rs. 100/-
thereafter. There is no limit on the maximum amount.
29. Can I increase or decrease my monthly contribution towards
this scheme during the tenure of R-MGP?
No. A customer cannot change his/her monthly contribution amount
during the tenure of the plan. However you
can make additional purchases of a minimum of Rs. 1000/- and in
multiples of Rs. 100 thereafter.
30. Can I have a joint account for this plan?
No, you cannot have a joint account for R-MGP.
31. Is nomination mandatory for R-MGP?
Yes, nomination is mandatory for the plan. However, where the
applicant is the guardian of a minor, the minor
cannot be the nominee to the account.
32. Can I add/change nominee details or change address during
the tenure?
Yes. You can submit change request form to modify nomination and
to modify address during the tenure of R-MGP
by submitting listed proof of address as stated in the
application form. Such change request forms have to be
submitted at RMPM collection centres.
33. What is the benchmark for the Price of MY GOLD PLAN? Can MCX
be taken as a benchmark?
There is no benchmark for comparing the price of MY GOLD PLAN.
MCX cannot be considered as a benchmark, since
there are many differences between MY GOLD PLAN and MCX. MCX
gives the prices of a futures Contract which
doesnt give the landed prices by factoring in cost of logistics,
insurance, safekeeping, etc. MCX doesnt give PAN
India Delivery and based on the contract it gives delivery at
only a few locations like Mumbai, Ahmedabad, Delhi,
etc. MY GOLD PLAN gives delivery PAN India, provides Daily
Averaging feature and gives the landed price of Gold.
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
34. Why is the Price of MY GOLD PLAN high?
The Price of MY GOLD PLAN can be relatively higher or lower
depending upon the product or contract with which it
is compared. The MY GOLD PLAN price cannot be compared with MCX
or NSEL E-GOLD since these products do not
give the landed price of Gold. We do not recommend you to
compare the MY GOLD PLAN price with the price
quoted by the local jeweller since there is no guarantee of
purity provided by the local jeweller. Moreover Jewellers
who run similar schemes dont back your account with Physical
Gold and most of them dont even average your gold
prices.
35. How is the price of MY GOLD PLAN derived?
RMPM procures the Gold from RBI nominated Bullion agencies on a
daily basis so as to allot grams to the customers
whose payments have been realized. RMPM then flashes a PAN India
Landed Price by adding the costs which are
incurred on account of Logistics, Insurance, Safekeeping and
Trustees Fees.
36. Who decides the gold price for My Gold Plan? Will the price
be comparable to market rates?
RMPM publishes the price of gold every day and will be available
on the RMGP website. This price is based on the
international gold price with import duty, and administrative
charges added to it. This price is comparable to the
price of gold available at banks, post offices, jewelers and
through various other sources.
There is no standard landed price for Gold. The most critical
parameters based on which there is variation in the
pricing of Gold is logistics and state levies like Entry tax and
Octroi which cause a price variation in gold across
various parts of India. For example Pune has a 3% octroi. Apart
from this there is VAT which also varies across
various states. My Gold Plan provides a standard landed price of
Gold and the price should ideally be compared with
the gold sold by the banks.
37. The grams allotment is happening by dividing the
subscription into 20 tranches for purchase of gold each
business
day. Would I get float on the tranches for which gold purchase
is to happen at a future date?
MY GOLD PLAN is a savings plan and is not a financial product.
All the accounts are managed by the Security Trustee
and no float is earned by RMPM on any of the customer funds. The
customer funds are divided into tranches only
for the purpose of daily averaging.
38. Where is fulfillment of Gold available?
Coin fulfillment will be available through the Reliance Money
branches PAN India as of now. RMPM is in the process
of tying up with more fulfillment partners. The latest list of
outlets from where Coin/Jewellery Fulfillment can
happen is updated on the Website of MY GOLD PLAN.
39. Can you forecast year 1 to year 5 returns for an
investor?
This is purely a savings product which urges customers to save
in physical gold for their future physical gold
requirements like Daughters Marriage, Wedding Anniversary, etc.
Hence one should not subscribe to this plan
from an investment perspective. However if you look at gold as
an asset class it has given a CAGR of over 20% in the
last 5 years with very little volatility in the Indian
markets.
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
Account Opening and Subscription
40. Do you have Customer Relationship management program for My
Gold Plan? Who own it?
Yes, there is a dedicated CRM facility and a call centre for MY
GOLD PLAN. RMPM owns this, since we believe that
Customer Relationship is the most critical function and hence
ownership needs to be taken by the central entity and
it is a function which should not be outsourced.
The customer is engaged right from the time he is on-boarded
till the time he fulfils his gold grams accumulated in
the form of gold coins or jewellery. When the customer is first
on-boarded a welcome call is done to the client. The
customer is also sent a welcome letter by post as well as email.
The customer is sent regular reminders about the
payment that is due for the month and also SMS of the grams
accumulated on a monthly basis. The customer can
call on a toll free number where his/her queries will be
answered. The customer can also send his
grievances/redressals to our email ID to which responses will be
given within 24 hours.
41. How do I open a new R-MGP account?
The customer has to submit a completely filled and signed
application form along with valid acceptable KYC proof,
duly self attested, and initial payment at RMPM collection
centres. Subscription to Reliance My Gold Plan can also be
done online by clicking the Buy Online button on our website
www.reliancemgp.com. The online application form
will load where you need to fill out all the mandatory details.
You also have the option of uploading scanned images
of your KYC documents (valid photo ID proof, address proof and
photograph). Payment can be made via convenient
modes of Credit Card, Debit Card & Net Banking through the
safe & secure payment gateway.
42. What are the KYC requirements?
To meet the KYC requirements of R-MGP, the customer needs to
submit acceptable Proof of Identity and Proof of
Address.
Acceptable Proof of Identity and Address (any one of the
following) are as follows:
Identity Proof: (i) UID (Aadhar); (ii) Passport; (iii) Voter Id;
(iv) Driving Licence; (v) Identity card/document issued by
Govt/Regulatory/Statutory Authorities*.
Address Proof: (i) UID (Aadhar); (ii) Passport; (iii) Voter Id;
(iv) Driving Licence; (v) Ration Card; (vi) Registered
Lease/Sale Agrement; (vii) Latest** Bank Statement/Passbook;
(viii) Latest** Utility Bill; (ix) Identity card/document
with address issued by Govt/Regulatory/Statutory
Authorities*.
* Central/State Government and its Departments,
Statutory/Regulatory Authorities, Public Sector
Undertakings, Scheduled Commercial Banks, Public Financial
Institutions, Colleges affiliated to universities,
Professional Bodies such as ICAI, ICWAI, Bar Council etc.
** Not more than 3 months old
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
43. Is PAN card mandatory?
PAN card is not mandatory. However, in case the monthly
subscription amount is greater than Rs. 50,000/- or the
total subscription amount exceeds an amount of Rs. 5,00,000/-
anytime during the tenure of the plan, then self
attested copy of PAN card needs to be furnished.
44. Can I fulfill my KYC requirements Online?
Yes. While subscribing to the plan online, you can choose the
option of Upload KYC Online in the KYC details
section. PAN card details and upload is mandatory as photo ID
proof along with a passport size photo. A valid
address proof (list available on online form) also needs to be
uploaded. The acceptable formats for the scanned
images are .jpeg, .tif and .pdf.
45. Can I fulfill my KYC requirements after completing my
subscription online?
Yes. Once you have subscribed online and received your customer
ID, you can upload your KYC (PAN card, address
proof and passport size photo) on the Upload your KYC page. This
facility is available only to those customers who
have subscribed to the plan online. Just enter your customer ID
and authenticate yourself with your date of birth,
registered e-mail id or mobile number. You can then proceed to
upload the KYC documents.
46. In whose favour is the initial payment cheque/DD is to be
made?
Initial payment cheque/DD must be drawn favoring Reliance My
Gold Plan Application No.
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
49. Can I issue Post Dated cheques of multiple banks at the time
of subscribing to the plan?
You can issue post dated cheques of a maximum of 2 banks at the
time of subscribing to the plan. So if you have
chosen a tenure of 1 year and wish to give 5 cheques of one
particular bank account then you can issue the
remaining 6 cheques of one more bank account.
50. When will gold grams allotment happen in case of Post Dated
Cheque mode of payment?
Allotment of gold grams will happen on T+1, T being the cheque
realization date into R-MGP accounts.
51. In case of Cash mode of payment, what is the process that
needs to be followed?
(i) Itz Cash has been brought on board as the preferred Cash
Collection partner for Reliance My Gold Plan.
(ii) Customers can make the payment for initial subscription via
Cash by visiting the nearest Itz Cash outlet, depositing
the cash and providing the application details like application
number, Customer Name, amount and mobile
number.
(iii) The acknowledgement receipt issued by Itz Cash,
application form and supporting KYC documents need to be
deposited at the nearest CAMS Point of Acceptance.
(iv) In case of monthly/subsequent subscriptions via the cash
mode, the customer needs to select the option of Cash
as the payment mode in the Monthly Subscription Details section
of the application form.
(v) The customer needs to visit the nearest Itz Cash outlet and
quote his customer ID, amount and mobile number.
(vi) The Itz Cash outlet will charge the customer a flat
transaction fee of Rs.20/- plus service tax, per transaction.
(vii) Upon successful payment, Itz Cash will issue a physical
receipt as well as send a confirmation SMS to the customer,
as confirmation of his payment towards Reliance My Gold
Plan.
52. How do I locate the nearest Itz Cash outlet?
(i) You can visit the Itz Cash Store locator at
consumer.itzcash.com, Store Locator and enter your details like
Name, e-
mail Id, mobile number and Pin code. After clicking on submit,
the site will display the details of the Itz Cash outlets
closest to your location.
(ii) You can SMS RMGP YOUR PINCODE to 7200057575 or 57575 and
you will get an SMS giving details of the
Itz Cash outlets closest to that Pin code.
53. When will gold grams allotment happen in case of Cash mode
of payment?
Allotment of gold grams will happen on T+1, T being the day of
credit of funds into R-MGP accounts. The customer
will get an SMS from Reliance My Gold Plan confirming credit of
funds into their R-MGP account.
54. Can customers who have chosen other modes of payment make
additional purchases via Cash mode at Itz Cash
outlets?
Yes, customers who have chosen their monthly mode of payments as
ECS/Direct Debit or Post Dated Cheques can
visit the nearest Itz Cash outlet and make additional
subscriptions via cash to their Reliance My Gold Plan account.
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
55. If a customer visits an Itz Cash outlet on a date other than
the 10th or 20th for the monthly subscription payment,
will the payment be accepted?
Yes, the payment will be accepted.
56. Can a customer discontinue their current mode of payment
(for example ECS or post dated cheque) and opt for
Cash mode or vice-versa?
No, a customer cannot discontinue their existing mode of payment
and switch to another mode in the middle of
their subscription to the plan.
57. Are there any charges while making payments through Post
Dated Cheques or Cash mode?
There is no charge to the customer if he is making his monthly
payments via Post Dated Cheques. However, for cash
mode of payment, there is a flat transaction fee of Rs. 20/-
plus service tax per transaction.
58. What will happen in case my ECS / Direct Debit gets rejected
in any month?
No accumulations will be recognized in case of ECS/Direct Debit
rejections. In case of 3 consecutive ECS/Direct
Debits defaults, forced closure of plan would be initiated by
RMPM.
59. Is it possible to subscribe to Reliance My Gold Plan without
submitting an ECS mandate?
Yes, you can subscribe to Reliance My Gold Plan without
submitting an ECS mandate, provided you make an initial
subscription of Rs. 12,000/- or higher. You can then make
additional subscriptions to the plan until the maturity of
your tenure. The daily averaging feature will apply to the
initial subscription payment in this case as well.
60. Can I make additional payment during the tenure?
Yes. An additional payment can be made by submitting either a
cheque or DD in favour of Reliance My Gold Plan
Customer Id
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
63. Can a customer make one-time allotment of gold grams using
online or cash payment modes?
No, one-time allotment of gold grams cannot be made using online
or cash mode. A request for one-time allotment
needs to be made with the additional subscription request form
(available on our website in the Quick Downloads
section) indicating the customers preference of one-time
allotment along with a cheque/DD payable to Reliance My
Gold Plan for the amount that the customer wishes to subscribe
with.
64. Is email id mandatory for R-MGP?
Customer should preferably mention a valid Email ID in the
application form, as upon enrollment in the plan, the
customer shall be sent a Welcome Letter, Statement of Holdings
and Frequently Asked Questions on his/her Email
ID.
65. Can I view my Statement of Holdings online anytime?
Yes, it is possible to generate your statement of holdings
online anytime. In order to do this, it is mandatory to
register an e-mail id while subscribing to the plan. Just follow
the steps mentioned below:
i. Log on to www.reliancemgp.com and visit the Statement of
Holding section under Customer Corner.
ii. Click on the link where it says To receive Statement of
Holding via e-mail please click here.
iii. A new page will load where you need to enter your
registered e-mail id and assign a password which you will
use to open the encrypted attachment.
iv. Your latest Statement of Holding will be sent to you at your
registered e-mail id where you can see the daily and
cumulative accumulation of gold grams right up till the last
business day.
66. What do I do if my customer ID has not been generated?
If your customer ID has not been generated within 10 business
days of submitting the application, then it is likely
that some of your KYC documents or ECS mandate were not received
at our point of acceptance. Please visit the
nearest CAMS branch, quote your application number and submit a
valid photo identity proof, address proof,
passport size photograph along with a duly signed ECS mandate
for the appropriate tenure for successful customer
ID generation. To find the nearest CAMS location, please
visit
http://www.camsonline.com/InvestorServices/COL_ISServiceCenter.aspx.
67. How do I change/update my contact details after subscribing
to the plan?
If you need to change/update any of your contact details, please
visit the quick downloads section of the website at
http://www.reliancemgp.com/quick-downloads.aspx and download the
Change Request Form under Customer
Forms Others. Fill out the form with your updated details and
submit them at the nearest CAMS location. The list
of CAMS locations is available at
http://www.camsonline.com/InvestorServices/COL_ISServiceCenter.aspx.
68. Is mobile number mandatory for R-MGP?
Yes, a valid mobile number is mandatory for the plan.
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
69. What will the customer get as proof of account opening or
upon payment being made by him/her?
The customer will receive an SMS on his registered mobile number
on generation of his customer id and a physical
welcome letter containing the registration details.
70. What are the different payment modes available?
For Initial Payment Cheque/Demand Draft, Cash (at Itz Cash
outlets) and Online payment via Credit Card, Debit
Card and Net Banking will be accepted. For subsequent monthly
installments, it will be through ECS/Direct Debit or
Cash (at Itz Cash outlets only). At locations where ECS/Drect
Debit facility is not available we shall also accept Post
Dated Cheques. Customers can also transact using Quick Pay to do
additional purchases.
71. What is Quick Pay?
Quick Pay is a convenient way for existing customers to make
additional purchases towards their Reliance My Gold
Plan subscriptions. The facility is available on
www.reliancemgp.com -> Quick Pay. All you need to do is enter
your
customer ID and authenticate yourself with your Date of Birth,
e-mail id or mobile number. You can also select the
subscription type (Daily Averaging or One Time Allotment). Once
you have entered the amount, you can make the
payment online via Credit Card, Debit Card or Net Banking.
The allotment of gold grams will be done on T+1 day, T being the
day of realization of funds by RMPM.
72. What is ECS?
ECS means Electronic Clearing Service which is offered by
Reserve Bank of India at around 89 locations PAN India.
The list of locations is specified in the Application Form as
well as on www.rbi.org.in
73. How and when will the ECS be deducted from my nominated bank
account?
The 1st Monthly Installment will be triggered only on 10th or
20th of the month as selected by you after considering
a gap of 30 days from the date of initial subscription. For
example, if your initial subscription was done on 12th July,
2013 your monthly ECS date is 10th of every month, then your
first ECS will be debited on the 10th of September.
74. What is Direct Debit Facility?
Direct Debit Facility is offered to customers holding bank
accounts with only certain participating banks under MY
GOLD PLAN. The list of participating banks for the Direct Debit
Facility is specified in the Application Form.
Customers holding Bank accounts with our participating banks
even at non-ECS locations can subscribe to R-MGP.
75. Will we have tie up with more banks for Direct Debit other
than the existing Banks given in the Application Form?
We empanel major Banks which have a PAN India presence for
Direct Debit. However we are constantly evaluating
the needs of the customer and if sufficient potential volumes
are seen from any of the major banks then we will
have a direct debit setup with such banks.
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
76. How will the accumulations be credited into my account?
Accumulations up to 4 decimal points rounded down shall be
credited to the customer's account by dividing the
Daily Accumulation Amount (equivalent to 1/20th of the
subscription amount) by the Gold Price (incl. of
administrative charges) on each business day starting from T+1
(where T is the date of realization of customer
payment to RMPM) for 20 successive business days.
Fulfillment of Gold
77. Will I be able to place fulfillment request for gold coins
prior to the completion of tenure?
Yes. Once the lock-in period of 6 months is over, you can redeem
gold coins prior to the completion of the tenure.
However Pre-Termination Charges as aforesaid will need to be
paid. If you do not wish to pay the pre-termination
charges, you need to pay the amount remaining to complete 12
times your monthly subscription amount at the time
of making your fulfillment related payments.
For example, if you have opted for a 1 year tenure with monthly
subscription amount of Rs. 2000/- (1 yr
commitment amount= 12 x 2000 = 24,000) and want to close the
plan after the 8th month, you need to pay the
remaining amount of Rs. 2000 x 4 = Rs. 8000 for the pre-mature
termination charges not to apply.
78. In what denominations will I be able to get Gold Coins?
Fulfillment of gold coins will be in following denominations
only: 0.5 / 1 / 2 / 5 / 8/ 10 / 20 / 50 grams.
79. Can I do partial fulfillment? How can one do a Partial
Fulfillment of the Gold Gram?
Partial fulfillment can only be done if the grams accumulated in
the customers account are greater than 5 grams.
Customer can request for a partial fulfillment post lock-in
period and latest 15 calendar days prior to maturity
subject to a minimum fulfillment of 5 grams and in multiples of
0.5 grams thereafter. Customer has to mention the
denomination of coins to be fulfilled at the time of submitting
the fulfillment request. Partial fulfillment can be done
only in coins & not jewelry.
80. How is the fulfillment related payment calculated?
Upon the 20th allotment of gold grams for the last monthly
subscription amount, the balance gold grams for
rounding off to the nearest incremental 0.5 grams are
calculated. The R-MGP price on the date of generation of
maturity advice is taken into consideration for calculating the
rounding off charges. Depending on the denomination
of the coins, coin making charges are levied (in case of coin
fulfillment only) and applicable taxes like VAT/CST and
Octroi/Local Body Tax are levied. Delivery charges if any are
levied (in case of home delivery).
81. When will I be informed about the maturity of my
subscription to the plan?
45 days prior to maturity, our call centre will contact you
informing you about the maturity of the plan and to verify
your address registered with us in order to ensure delivery of
gold at the proper address.
If you address has changed, you need to submit a Change request
form (available on the Quick Downloads section of
the website) mentioning your latest address duly signed, at the
nearest CAMS location which can be found at
http://www.camsonline.com/InvestorServices/COL_ISServiceCenter.aspx
.
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
82. Are there any charges at the time of fulfillment? How will I
be informed of them?
A maturity advice will be sent to the customer which will inform
the customer about the following: Fulfillment
Related Payments: a) Rounding off charges to the nearest
incremental 0.5 grams b) Pre-mature termination charge,
if applicable c) VAT & other state levies like Octroi, Entry
tax etc. as may be applicable.
83. Is it mandatory to pay the fulfillment related charges?
Yes. The customer will be reminded about his pending fulfillment
related payments via call and SMS if the fulfillment
related payments are not made within 10 working days of dispatch
of maturity advice, if the payment is not done till
then.
84. How will I get delivery of the gold coins?
Delivery of gold coins will be done at your registered address
via courier. After all the fulfillment related charges
have been paid, the gold coins will be delivered in sealed
envelopes by our empanelled logistics partners.
85. How can I track the movement of my gold coin shipment?
An SMS containing the Airway Bill Number (AWB No.) will be sent
to you that you need to enter on the website
www.bluedart.com to track your gold coin shipment.
86. What is the TAT of delivery of the gold coins?
The TAT for delivery of the gold coins is 10 working days after
realization of all fulfillment related payments.
87. What are the documents that will be sent to me along with
the gold coins?
A tax invoice will be sent to you via e-mail and physical post
within 3 days of realization of all fulfillment related
payments.
A physical delivery note will also be a part of the shipment
that contains the gold coins.
88. Is there an option to fulfill my gold grams in jewelry form?
If yes, then what is the process for the same?
Yes, the customer can fulfill their gold grams at the jewellery
fulfillment partners empanelled by Reliance My Gold
Plan.
89. Where can I get the list of Jewellery Fulfillment Partners
empanelled for Reliance My Gold Plan?
The list of the jewellery fulfillment partners is available on
the website in the Customer Corner section -> Locate
Fulfillment Centre. The process to fulfill the gold grams in
jewellery form is as follows:
90. Until when can I change my fulfillment preference to
jewellery and select the jewellery fulfillment partner?
The customer can fill a fulfillment request form latest 15 days
prior to maturity indicating his fulfillment preference:
a) Fulfillment type: Jewellery Fulfillment b) Fulfillment
Location: The customer will have to specify the jewellery
fulfillment location where he wants to redeem in jewellery.
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
91. What do I need to do after submitting the fulfillment
request form?
A maturity advice will be sent to the customer which will inform
the customer about the following: Fulfillment
Related Payments: a) Rounding off charges to the nearest
incremental 0.5 grams b) Pre-mature termination charge,
if applicable c) VAT & other state levies like Octroi, Entry
tax etc. as may be applicable d) Fulfillment Location
92. How can I make the fulfillment related payments?
The customer can make the fulfillment related payments via
Cheque/DD favoring Reliance My Gold Plan
Customer ID to be submitted along with a copy of the maturity
advice to the nearest point of presence.
The fulfillment related payments can also be made online at
www.reliancemgp.com ->Quick Pay and selecting the
option of Fulfillment Payment. All you need to do is enter your
Customer ID and authenticate yourself with your
Date of Birth, mobile number or registered e-mail ID. The total
amount due will be displayed which you can pay via
Credit Card, Debit Card or Net Banking. An acknowledgement
receipt will be sent to your registered e-mail id upon
successful transaction.
93. How do I get my jewellery after paying all the fulfillment
related charges?
The customer will be issued a Jewellery fulfillment voucher upon
realization of his payment. The customer needs to
walk-in to the jewellery fulfillment outlet with the fulfillment
voucher and a valid photo identity proof.
Upon successful in-person verification of the customer, the
jeweller shall inform the customer of the buy rate of the
gold grams specified in the voucher against which the customer
can select any piece of jewellery.
94. What if I have accumulated fractional gold grams at the end
of chosen tenure?
The accumulations will be rounded off to the next higher 0.5
grams at time of fulfillment. The customer will have to
pay the prevailing price for the additional fractional grams
added for such rounding off along with applicable
charges / taxes by cash or cheque (subject to realization) at
the time of placing fulfillment request.
Eg., If your accumulations are the equivalent of 4.8125 grams,
the residual grams would be 0.1875 grams. You will
have to pay the prevailing price for the residual grams (0.1875
grams) and the VAT/Sales Tax and coin making
charges for 5 grams.
95. I have received my Maturity Advice. How do I make the
fulfillment related payments?
The fulfillment related payments can be made online at
www.reliancemgp.com ->Quick Pay and selecting the option
of Fulfillment Payment. All you need to do is enter your
Customer ID and authenticate yourself with your Date of
Birth, mobile number or registered e-mail ID. The total amount
due will be displayed which you can pay via Credit
Card, Debit Card or Net Banking. An acknowledgement receipt will
be sent to your registered e-mail id upon
successful transaction.
You can also make the fulfillment related payments via Cheque/DD
payable to Reliance My Gold Plan Customer ID
XXXXXX and deposit the cheque at the nearest CAMS location. The
list of CAMS locations is available at
http://www.camsonline.com/InvestorServices/COL_ISServiceCenter.aspx
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My Gold Plan/FAQs/Ver 1.4/July 2013
Reliance Money Precious Metals A Reliance Capital Company
96. Will I have to show any identity proof at the time of taking
the physical gold coins?
You need to produce valid proof of identity along with the
fulfillment receipt at the time of taking the delivery of
gold coins. Delivery will not be made to any other person acting
or purporting to act on behalf for you for fulfillment.
97. Can someone else redeem the physical gold coins on my
behalf?
Only in case of death of the applicant, the nominee who has been
registered as per our records will be able to
collect the gold coins by showing the proof of identity of the
nominee along with the original / notarized copy of the
death certificate of the applicant.
98. What if the customer dies during the tenure of the plan?
In case the customer dies within the Lock-in period then the
nominee can choose to wait till the completion of the
lock-in period to place a fulfillment request for the Gold
Coins. Alternatively the nominee can transfer the plan in
his/her name by filling out a transfer request form along with
the standard KYC documentation. The nominee is such
a case can appoint a new nominee.
99. What if the customer doesnt turn up after completing 12
months if he has chosen a 12 month plan. What are the
charges?
The customer has to fulfill the Gold Grams within 60 days of
completion of tenure. If the customer doesnt fulfill the
Gold Grams within 60 days of completion of tenure, then
Safekeeping charges shall be levied on the customer at the
rate of 0.5% per annum of the total subscription amount.
100. Can I opt for cash instead of gold coins at the time of
fulfillment?
No. Fulfillment will be only in the form of physical gold
coins.
101. Is there a prescribed TAT which we shall follow for
delivery of Gold?
We shall try to make delivery as soon as a fulfillment request
is logged. The max TAT within which the delivery shall
be made would be 15 days from the date of successful realization
of fulfillment related payment.