It has asked banks not to convert gold purchases

TOURISM is a lucrative industry. Countries create historical and cultural havens as well as promote natural ecosystems, leisure activities and shopping to attract foreign and domestic visitors. Whatever the gimmick, the idea is to create attractions. Not unnaturally, once those attractions are in place,where cards are embedded with chip card and a cardholder. every effort is made to preserve them for their commercial value as well as sentimental attachment. Pasar Kedai Payang in Kuala Terengganu and Jonker Walk in Malacca are two such tourist destinations that are now mired in controversy. The former is threatened by re-development, thus potentially capable of changing it completely, and the latter by near-extinction because the area has not been designated for tourism.We are always offering best quality stainless steel cufflink the affordable price.

Jonker Walk is located right in the middle of the country’s most historic real estate, hence Malaysia’s premium tourist destination. However, it remains a residential area, too. The residents, for want of a normal existence, have found the designation of the area as a pedestrian walk irksome because they have to park their cars some distance away from their homes. Being politically savvy, they forced the authorities to rescind a 13-year-old enforcement.where cards are embedded with chip card and a cardholder. Now, cars may enter the street again, and traders have been relegated to the five-foot ways. A change in ambience means Jonker Walk, for all its intents and purposes, no longer exists. Obviously, if it has been designated as a tourist zone in the first place, this problem would have been averted.

Pasar Kedai Payang, meanwhile, has a long history built on the commerce of old, many now considered traditional handicrafts such as songket, batik, jewellery and local delicacies. The building earmarked for modernisation is merely 45 years old. Nevertheless, transforming it into a three-storey, air-conditioned facility, it is argued, would fundamentally change its character and drive away tourists, who are its mainstay. But, the reverse may also be true — an enhanced shopping experience. For, Pasar Kedai Payang’s redevelopment would allow for improvements in modern conveniences, resulting in, say, better hygiene and communication. Jonker Walk, though, cannot but be retained as it is because of its uniqueness.

Indeed, preservation, wherever feasible, is preferable to destruction and is the ideal solution as Kuala Lumpur’s Central Market has proved. Transforming it from a wet market into a cultural centre is a stroke of genius. Unfortunately, in some cases, sacrifices in the name of development had been necessary, such as Pasar Bulat in Ipoh. For all its sentimental value, however, the parking lot that it is now is no less of service to Ipoh’s dynamic and vibrant commercial life.

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.

Many banks, especially the ones aggressive in the credit card business, offer EMI facility on purchase of air tickets, mobile phones and gold jewellery. Normally, on any transaction of more than Rs 10,Shop Stately Steel Circle Drop Chandelier stainless steel necklace,000 value, customers are offered the option of converting the dues into EMIs. Some banks also have tie-ups with merchant establishments for offering more facilities like full or partial waiver of processing fees and interest.

The central bank does not want banks to encourage gold buy. This has been communicated to us in several interactions. So, we have stopped offering the EMI facility on gold purchases, said retail head of a large foreign bank.

Besides, while the central bank has asked banks not to push gold coin sales aggressively, the finance ministry wants public-sector banks to completely stop such sales. The state-run banks have already implemented it.

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.

Earlier, RBI had also moved to curb loans against gold coins. It had asked banks not to lend against gold coins weighing over 50 g.

These actions, besides the recent increase in import duty on gold, are part of the drive of RBI and the government to lower the demand for the yellow metal so that its import can be brought down.

The norms for gold imports had also been tightened through restrictions on nominated banks & agencies and premier & star trading houses. Under these, RBI had said, import of gold on a consignment basis would only be for meeting genuine needs of jewellery exporters.The Brilliant Polish of a tungsten jewelry What is Tungsten?
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