Tuesday, January 22nd 04:25 PM IST

India's NSEL to promote E-Gold trade among women

# NSEL  # E-Gold  # sharia compliant  # gold trade  

E-gold remained the only commodity in India with the same price pan and is cheaper by 10-15 per cent than the prices quoted for the yellow metal by jewellers and banks

AHMEDABAD(BullionStreet) : India's National Spot Exchange Ltd (NSEL) announced plans to appoint women agents to promote e-gold trading among women.

According to a senior NSEL official, the move was aimed to woo the nearly 60 percent potential women customers of the exchange.

E-gold remained the only commodity in India with the same price pan and is cheaper by 10-15 per cent than the prices quoted for the yellow metal by jewellers and banks and one can keep it for up to 10 years before taking delivery, said the official.

NSEL has plans to launch another eight commodities on its e-trading platform in 2013.

Currently, NSEL offers seven commodities under the e-series, namely e-gold, e-silver, e-platinum, e-copper, e-zinc, e-nickel and e-lead. The e-platform’s daily turnover is about Rs 1,200 crore, including Rs 500 crore for gold alone.

NSEL is planning to set up eight more centres across India for e-gold’s physical delivery soon, and make the number 40 in the near future.

An investor can accumulate up to 100 kg of e-gold for free in demat form while the banks charge around Rs 2,500 per kg per annum. Besides, e-gold is also Sharia-compliant.

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