GOLD Buyback Scheme by MMTC

Gold BuyBack Scheme by MMTC

The precious yellow metal - Gold has always had a fair amount of attention from its seekers. Be it the market or the many Indian families for various reasons of their own. And the most important one being its accountability.

It is worn with pride in our happy times, and it is also reliable in times of hardships. Given that the world is fighting a pandemic, it is evident that many will approach the money lenders, investors to get hold of some capital backed by their gold.

And as a safe and reliable solution offering to the people of the country, MMTC has come up with the Gold BuyBack scheme. It has been launched in Delhi with the plan to be made available to the entire nation. So, let’s learn all about this newly tossed scheme and why everyone is talking about it.

What is MMTC?

Since we know about the power and scope gold offers, it is a rather sensitive matter with whom we share it. Hence, before moving to the scheme, here’s a brief of the bullion refiner.

MMTC – the Metals and Minerals Trading Corporation of India, is the country’s largest trading body managed by the government. It handles diverse trade activities like link deals, third-country trades and joint ventures across the globe.

The Gold BuyBack scheme that has rendered you curious is also launched under the umbrella of MMTC-PAMP on 26th September 2020 in New Delhi.

All about the MMTC-PAMP Gold BuyBack

In the wake of accepting the new normal, several measures and steps are being taken by the organisations as well as the people associated. And the Gold BuyBack scheme is one of the recent examples.

If you wish to or know someone who would consider liquidating their assets to get back as financially strong, then this option, offered by the government, must be considered .

It offers the ones with gold assets or sellers to avail the maximum benefit of their gold. It can be received as a direct bank transfer or even in the form of gold bars, as per the seller’s choice. The purity levels offered for the gold bars under this scheme are 9999, 999 and 995.

Given that the MMTC-PAMP is technologically advanced, their purification centres have earned a name for their quality testing and satisfactory results. It also offers assurance to the seller as the entire testing process can be witnessed by them using CCTV footage.

The entire process is made transparent in the seller’s trust and to provide maximum benefits of buyback or the exchange value. However, it does incur a nominal transaction fee.

Highlights of the Scheme

1. The gold prices offered will be as per the updated market rates.

2. The yellow metal can be brought in any form as such jewellery, coins, bars and others.

3. The entire procedure is expected to be completed in under 60 minutes.

4. In case, the exchange process is not completed for any valid reason, the seller will be charged a fee of INR 1000. This will be charged for the services provided in the evaluation of the gold offered initially.

5. Several purification testing cycles might be needed if the weighted gold surpasses 2 kg. This is because the machines at MMTC-PAMP centres have rigid load capacity.

6. To make sure maximum transparency is maintained and benefit is offered, the gold brought by the seller is weighed at each stage during the 5-stage process. It involves melting, casting, cooling, pickling and rinsing in deionised water.

7. Witness the entire testing process through CCTV footage.

8. The scheme is available only at Lajpat Nagar branch in New Delhi for now.

9. There are no transactional charges or additional charges incurred for the completed buyback process.

1. Requirements of the scheme

• The seller should have a PAN card, an Aadhar card as well as a cancelled cheque from his/her bank account. These documents are required at the time of gold purification verification.

• The scheme imposes a condition that a minimum of 10 grams to be tested at once from each seller. However, each seller can bring as much as 2 kgs of gold for each verification process or per visit under the exchange plan.

• Agreement with the seller that the amount of gold once weighed and tested will be melted to form bars. It does not offer a storage facility in its initially issued form by the seller.

Conclusion

MMTC-PAMP has been in the sector of dealing with precious metals and stones for decades and is accredited by the world’s finest regulatory institution. With no hidden costs and entirely focusing on the seller’s financial well-being, the improved Gold Buyback scheme has been crafted and launched. Make sure everyone around you knows about it and takes the benefit if need be.