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Reliance Capital to suspend sale of gold in physical form

21 Jun 2013 Evaluate

Reliance Capital, a part of the Reliance Group, strongly supports the Government's publicly stated objective of minimizing gold imports that are seriously hurting the country's economic interests. In a bid to affirm this, the company has decided to suspend sale of gold in physical form (including inter alia supply of gold coins for sale through India Post), and also as an investment product, across all its businesses and subsidiaries.

Further, Reliance Capital Asset Management (RCAM), a part of Reliance Capital, has decided to suspend new subscriptions in Reliance Gold Savings Fund. Existing SIP investors will not be affected by this decision. It has decided to suspend financing against gold as a security.

Reliance Capital is a systemically important non-deposit taking NBFC. The company is part of the Reliance group led by Anil Dhirubhai Ambani. It currently operates as the holding company for the group’s entities in the financial services sector.

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