KOLKATA: RiddiSiddhiBullions Ltd’s flagship product RSBL Spot has launched a new segment that would facilitate the exporters and contribute to reduce the nation’s current account deficit pressure.Under the new provision, new contracts will be added in to the RSBL SPOT system which will be quoted in dollar terms and settlement shall be done in Rupee terms. These clients will also be able to see the equivalent price Indian rupees. RSBL will provide duty free gold for this.
Announcing the launch, Mr Prithviraj Kothari, MD of RSBL: “Over the past few months, the Government of India has been laying stress on reducing the Current Account deficit by curbing Gold imports. We are happy to introduce this facility which I am sure will help boost gold exports. To begin with, we will launch this product in Mumbai. We will also set up bonded warehouses pan-India.”The terminal will be functional from 10.30 AM to 9 PM through the weekdays to track various markets across the world. “RSBL looks forward to strengthen and support the government initiatives by launching a new segment that will facilitate Gold export,” Mr. Kothari saidRSBL Spot is India’s first ever state of the art, fully electronic, over the counter bullion trading system. Spot Precious-metals Online Trading system (RSBL SPOT) has grown to 3000 clients and is spread across 18 branches in India with its headquarters at Mumbai.
Source: Bullion Bulletin