Combined food inflation stood at 9.29% for May 2014, marginally lower from 9.64% for April 2014. For rural and urban areas, food inflation was 10.02% and 7.94%, respectively, in May 2014. Inflation in vegetable prices was lower, at 15.27% in May 2014, compared to 17.66% in April 2014. Inflation in fruit prices was 23.17% in May 2014, while pulses were dearer by 5.37% year-on-year. Inflation for cereals stood at 8.81% and inflation for milk products was 11.28% in May 2014. The price rise of non-vegetarian items, such as eggs, meat and fish, was 10.11% in May 2014 compared to 9.26% in April 2014.
Shilpa Shetty's new venture, Satyug Gold enables customers to accumulate physical gold in small quantities on a monthly basis for a minimum investment of Rs50 per day
Satyug Gold, a firm promoted by actress Shilpa Shetty and her husband Raj Kundra, has launched a gold systematic accumulation plan ‘Satyug Mera Gold’, wherein customers can buy gold for Rs50 a day.
"Gold has always been an important part of our culture and a safety haven when markets become turmoil. We have seen Gold give good returns in the past years and above all is a very liquid asset, said Shilpa Shetty Kundra, who is also the chairman of Satyug Gold.
According to a statement released by the company, Satyug Mera Gold Plan (SMGP) enables customers to accumulate physical gold in small quantities on a monthly basis through the benefit of 'Monthly Rupee Average Pricing'. Customers can enrol through the company’s website or visit any of the 450 Karvy branches located in 400 locations across the country. Gold coins of 24k with 999-purity of one gram, 2 grams, 5 grams, 10 grams, 20 grams and 50 grams are available for sale. The monthly instalment can range from one to five years.
Raj Kundra, chief executive of Satyug Gold, said the company would offer gold at a price lower than the top five leading jewellers and banks, as it sources gold directly from miners in South Africa, Peru and Ghana. The bullion is processed at the company’s refinery at Navi Mumbai. “We do not charge any processing charges or making charges, except for the tax levied by the Government,” he added.
The company has tied up with IDBI Trusteeship Services, a joint venture promoted by IDBI Bank, LIC, GIC and Karvy Computershare for processing investor applications. Brinks India would provide the logistics and vault services.