Rising inflation, fewer employment avenues and dwindling earnings seem to have taken a toll on the spending capacity of middle- and low-income families in India. Many have slashed their festive budget by a staggering 40% this Diwali, says a survey conducted by industry body Assocham. Of the respondents, 76% said their monthly grocery bills had jumped to about Rs7,000 as against Rs4,000 in the past 12 months. Prices of vegetables and bakery products have also risen in the past few months. The survey was conducted in August and September 2013 in major Indian cities.
Leading jewellery retailer, Tribhovandas Bhimji Zaveri (TBZ), has launched a new gold plan for consumers. If a customer purchases 100gm of gold (24kt fine/standard) from TBZ and places it under their ‘Gold Plan’, he/she will get 105gm of gold after 12 months. Consumers can place a minimum of 10gm of gold coins and bars and thereafter, in multiples of 5gm up to an overall maximum of 500gm.
“People buy gold and keep it in the locker. Over the period, the value of gold may appreciate but it does not grow in grammage. Through our Gold Plan, people increase their gold holding,” said TBZ. A few years ago, a smaller jeweller in Mumbai, like Jagannath Gangaram Pednekar, was offering 7.5% compared to 5% of TBZ. So, one could get 107.5gm after 12 months of keeping 100gm gold. Under the scheme, one is really lending money to the jeweller which he may invest anywhere and, there is a risk in such investment—a default by the jeweller.
Now you can show a soft copy of your air ticket or boarding pass on smartphones to the airport security to be allowed into the terminal. Air travellers, for a domestic or international destination, can show to the airport security original pdf files on the owner’s email id which are clearly readable. However, those possessing forwarded emails, SMSs sent by the airline or unreadable e-ticket copies will not be allowed to enter. Earlier, one had to carry a printout of the e-ticket.