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In a move that will bring down prices of gold in the domestic market, especially in peak wedding season, the Reserve Bank of India (RBI) has eased gold import norms by allowing seven more private agencies for shipping precious metal, in addition to those already permitted banks. With this, gold imports by India, the world's No. 2 bullion consumer after China, could quickly rise from current levels as more than twenty entities, including state-run banks, private banks and agencies will now be allowed to import yellow metal.
In order to control burgeoning Current Account Deficit (CAD) and sliding rupee, the Reserve Bank of India (RBI) in July, 2013 had imposed severe restrictions on gold imports. The central bank had tied imports with exports and prescribed a 20:80 formula and the facility was only available to select banks.
However, with recent development, Star Trading Houses/Premier Trading Houses (STH/PTH), which are registered as nominated agencies by the Director General of Foreign Trade (DGFT), may now import gold under 20:80 scheme, which would imply that an importer has to ensure that at least one-fifth, or 20%, of every lot of imported gold is exclusively made available for the purpose of exports and the balance for domestic use.
In a separate development, RBI also allowed banks to grant gold loans to domestic jewellery makers, a practice that was stopped last year. In absence of gold loans, jewellers had been forced to take credit to fund purchases, which substantially added to their cost and pressurized their profit margins.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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