RBI bans EMI conversion on credit card purchases of gold :\

[Sushubh]

It has asked banks not to convert gold purchases done through credit cards into equated monthly instalments (EMIs), besides mandating that cards should not be accepted for purchase of gold coins at branches.Bankers said RBI had held discussions on EMIs offered on outstanding credit card bills for all kinds of purchases and would soon come out with specific guidelines on this. Banks might have to make more disclosures. It was still at the discussion stage, said a senior banker.

http://www.readability.com/articles/d9xobpjg
I am not sure what the big deal is. If people want to invest in Gold, let them!

 

[shashankbhalla]

Wtf

 

[sachinbr]

The PC, Finance minister comes to pressmett and tells not to buy gold, but his family has gold worth in terms of crores. I strongly feel he should 1st tell his famaily not the ppl of india

 

[matureuser]

Trolled again by RBI We are used to it!
Looking forward for the next trolling.. hope that's not hard enough.
I read an article about how Gold is threatening Indian Economy and how RBI is trying to stop it with different methods of trolling people. All I could conclude was - none of the foreign countries want us to save in Gold, as one day it's going to matter when world is running out of cash and a normal Indian has more savings than a business house in US.

 

[DNA_Uncut]

We are importing 500% of gold every year. Reason we don't have mines ... RBI has 2 ton of gold in possession. But importing around 800 tonnes every year. That's where the problem lies. Inflation, D v R starts fluctuation etc are because of that ...
So i welcome this move. There are other investment options than gold n land. Which will ofcourse yield good returns. Atleast get to know about it before whining about RBI's every move. .

 

[matureuser]

There are investment options, but Gold is one of the most traditional option we have and it's kind of evergreen. Don't forget the Gold reserve has saved India economically in past, and it is certainly a threat to the countries with Credit Culture. This makes the difference in the situations when rich people go homeless in those countries in one dip of economy.
When we talk about inflation, yes Gold imports increases that, but in long run when the world economy sees bottoms, it saves our lives.

 

[Sushubh]

I have a problem with government (and government bodies) telling us and private businesses what to do.They are also pushing banks to separate their banking and wealth management services. And now they are asking banks to not offer EMI on credit card purchases of gold.Have they ever bothered to stop people from investing in bad stock? Why stop them from investing in gold? What next? Telling us which brand of aata to buy?