Spending
Now, you can buy gold, silver on mobiles

Muthoot Group Apps for Apple and Andriod phones and tablets allows consumers to buy gold and silver coins 

 
New Delhi: After enabling purchase of books and clothes among items, as well as internet banking and share market dealings, new mobile applications have been developed to allow consumers buy precious metals like gold and silver, reports PTI.
 
With nearly 15 million mobile subscribers being added every month in the country, the mobile application market has emerged as a major growth area for developers and there are estimated to be about 2.5 lakh app developers in India alone.
 
Mobile apps are applications that allow the users to carry out various activities ranging from games to mobile commerce transactions on their phones.
 
The latest addition to the mobile app space is the one by the 125-year-old non-banking financial giant Muthoot group, which has launched 'Muthoot Group Apps' for Apple and Andriod phones and tablets.
 
The app will allow consumers to purchase gold and silver coins, besides giving investment reports among other things.
 
"In the present scenario 'convenience' is the most important criteria wherein the customer can book/buy from the comforts of his/her home and get over the delivery hassles/ billing counter.
 
"We believe that in the coming years, the sale of gold and silver coins via internet will become as popular as internet banking and online travel and tour booking," George Alexander Muthoot, Managing Director of Muthoot group told PTI.
 
"Brick and mortar branches will always remain our main channel for extending our products and services to the customers. However, with the advent of new technologies, the number of consumers using mobile devices to browse and purchase have increased over a period of time and we, as a progressive organisation are always looking out for innovative means to provide greater customer convenience," he added.
 
According to a recent study released at Mobile Apps Summit 2012 in Bangalore, as many as 100 million applications are being downloaded in India every month. The global app market is set to grow to $17.5 billion by the end of 2012, from $4.1 billion in 2009.
 
"India's internet access capable mobile population has already touched 47 million users. A recent research said that smartphone users in India spend on an average 157 minutes on their smartphones in a single day," digital agency Magnon Solutions's Founder and Group CEO Vineet Bajpai said.
 
"While there are some usability restrictions on mobile devices due to smaller screen sizes, we expect internet/ mobile banking in India to boom to unprecedented levels sooner than later," Bajpai added.
 
India is expected to have 237 million internet-activated mobile connections by 2015, as a result of which entrepreneurs are focusing more on mobile apps which are internet-dependent, rather than SMS-based.
 

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GMG Airlines asked to pay Rs40,000 for not accommodating flier

The forum also directed Barclays Bank, whose card the passenger had used to book the tickets, to pay him Rs5,000 for not paying/refunding him Rs2,500 as per its cash back offer

 
New Delhi: Bangladesh-based GMG Airlines has been directed by a consumer forum to pay Rs40,000 to a passenger for not accommodating him on another plane after one of its scheduled flights was cancelled, reports PTI.
 
The New Delhi District Consumer Disputes Redressal Forum awarded the compensation saying not only was the flier inconvenienced by the flight cancellation, but he also had to bear additional expense of buying another ticket for returning to India from Malaysia as well as hotel charges.
 
"Complainant (Sukhija) was forced to purchase another ticket for return journey...He suffered lot of inconvenience due to cancellation of the flight and (had to) bear expenses towards hotel charges, etc.
 
"There is deficiency on the part of opposite party 1 (GMG Airline) for not accommodating passengers (who had) already booked (tickets). It also failed to refund amount of return journey. Holding opposite party guilty of deficiency in service, we direct it to pay Rs40,000 lump sum," the bench, presided by CK Chaturvedi, said.
 
The forum also directed Barclays Bank, whose card Sukhija had used to book the tickets, to pay him Rs5,000 for not paying/refunding him Rs2,500 as per its cash back offer.
 
The Delhi-resident in his complaint had said he had booked tickets on GMG Airlines for his trip, from Delhi to Kuala Lumpur and back, in May 2008 for Rs16,377.
 
On enquiring about his return flight, he was informed by the airline that there was no flight to Delhi for the month of June and the travel portal had issued him a wrong ticket for June 11, Sukhija had alleged.
 
He had also alleged that Barclays had offered cash back of Rs2,500 if tickets were booked using the bank's card, but he was not paid/refunded the amount.
 
Despite the summons issued, the airline and the bank had not appeared before the forum and were proceeded against ex-parte.
 

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LIC, HDFC Bank lead advance tax payouts in second quarter

Belying sluggishness in the economy LIC paid an advance tax of Rs1,300 crore while HDFC Bank paid Rs1,100 crore in the second quarter

 
Mumbai: Financial sector companies, led by insurance giant Life Insurance Corporation of India (LIC) and private lender HDFC Bank, have posted a healthy increase in their second quarter advance tax payout belying sluggishness in the economy, reports PTI.
 
LIC paid an advance tax of Rs1,300 crore, compared to Rs1,165 crore it had paid in the second quarter of last fiscal, income tax officials said.
 
HDFC Bank's tax payment increased to Rs1,100 crore from Rs800 crore last year while its larger rival ICICI Bank saw its second quarter advance tax outgo jump to Rs815 crore from Rs650 crore, an official said.
 
Advance tax is a staggered way of paying income taxes through the year and is generally taken as a barometer to corporate earnings for the period.
 
The deadline for filing the advance tax returns for the second quarter was 15th September.
 
State-run lender Bank of Baroda's second quarter tax outgo went up to Rs620 crore from Rs600 crore while Dena Bank's payments saw impressive jump to Rs180 crore against Rs77 crore it paid last year, officials said.
 
Payments from foreign banks also displayed a jump with Citi leading the way with Rs400 crore, about Rs100 crore more over the the amount paid last year, they said.
 
Among other sectors, FMCG giant Hindustan Unilever's tax outgo rose to Rs300 crore from Rs190 crore while for Ambuja Cement, it jumped to Rs160 crore from Rs95 crore in the corresponding period last year, they said.
 
Auto major Mahindra & Mahindra saw its advance tax payments increase to Rs200 crore from Rs176 crore, they added.
 

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