RiddiSiddhi Bullions Ltd. (RSBL) Precious - metals Online Trading (SPOT) system is an over - the - counter, in-house, electronic SPOT bullion-trading system for Gold and Silver in Indian Rupees.
No. RSBL SPOT is not an exchange. It is an OTC based system where trading is done with the intention of taking or giving delivery.
To open an
account click here 'Open An RSBL SPOT A/C
Security/Margin Deposit is an initial payment when account is opened i.e. Rs 50,000/- minimum, this is refundable. With this margin money in your account you are allowed to trade 100gms Gold upto 1 kg while 5kgs of Silver upto 30kgs.
RSBL SPOT is a state-of-the-art trading system, which replaces the traditional mechanism of buying bullions over the phone and in turn brings transparency and better pricing in the entire trading system by eliminating intermediaries.
ABOUT TRADING PROCESS
Monday to Friday - 10:05 hrs to 21:00 hrs
Saturday - 10:05 hrs to 14:00 hrs
Saturday - 10:05 hrs to 14:00 hrs
Trading on this system is done on T+2 or T+3 trading cycle. T+2 mean trading plus two working days, where the entire trade is completed within three days. For e.g. if the client trades on Monday then maximum by Wednesday (Obligation day), he/she has to transfer the funds and take the delivery otherwise he/she needs to square-off that trade. Similarly, T+3 mean trading plus three working days, where the entire trade is completed within four days.
For further information, kindly check Trading & Delivery Mechanism
Two-way quotes are BID/ASK rates offered by RSBL. Registered clients can buy bullion at ASK rate from RSBL and also sell bullion at BID rates to RSBL. In other words, clients are free to buy or sell bullion at BID / ASK rates offered by RSBL.
An order to buy a specific quantity at a specific price. Limit Buy order ensures that a person will never pay more than his/her Limit price.
An order to sell a specific quantity at a specific price. Limit Sell order ensures that a person will never receive less than his/her Limit price.
Yes, you can change your price or cancel the limit order until it is executed.
Only LBMA Refinery Bars, Internationally Reputed Refinery Bars and RBI MINT bars are traded on RSBL SPOT
Rates vary for each delivery center. For E.g.:
Gold Mumbai and Ahmedabad - Rates quoted are without V.A.T.
Gold Hyderabad- Rates quoted are with V.A.T.
For detailed information on same please visit / download - contract specification
Gold Mumbai and Ahmedabad - Rates quoted are without V.A.T.
Gold Hyderabad- Rates quoted are with V.A.T.
For detailed information on same please visit / download - contract specification
It is dependent on Indian state govt. laws. For current rates kindly refer contract specification
Yes, you can sell the goods back to us provided that the delivery is not moved from our vault or you can give us the delivery from the vault of reputed agencies. We will not accept hand delivery.
When you sell Gold bars, we accept only those ones which are RSBL minted, RBI mint bars or approved under the Gold list of L.B.M.A: (London Bullion Market Association). You may check the same from their
website: http://www.lbma.org.uk/pages/index.cfm?page_id=29&title=gold_list
When you sell Silver bars, we accept only those ones which are imported bar or NIBR (National Indian Bullion Refinery) approved ones.
Yes, you can square off the trade position on the same day. Any position, which is not squared off on same day till trading hours, will result in compulsory delivery.
Yes. However, a written intimation of the same needs to be given to RSBL on your letterhead, a day prior to the withdrawal
Yes you can. However the position has to be squared-off on the same day.
No. All orders need to be placed during the trading hours. Orders that are not executed will be cancelled after the trading hours.
ABOUT PAYMENT PROCESS
The modes of payments are:
1. Cheque based.
2. RTGS or NEFT transfer
3. Bank transfer
Photocopy of the same needs to be submitted at RSBL
1. Cheque based.
2. RTGS or NEFT transfer
3. Bank transfer
Photocopy of the same needs to be submitted at RSBL
Payment must reflect in our bank as clear funds within 2 working days after the trading day, failing of which will lead to penalty.
No, we do not accept credit or debit cards as methods of payment.
ABOUT PRICING PROCESS:
No, the prices you see are the prices you pay. (Local taxes as applicable and as per contract specification)
Yes. When a deal is confirmed, the price at which you booked your order is the final price even if fluctuations in the market occur afterwards.
ABOUT DELIVERY PROCESS
Security/margin deposit will not be adjusted against delivery.
If the client fails to pick up the delivery on the obligation day, RSBL will be charging a penalty of Rs 750/- per kg for gold lot per day to the client. But if RSBL fails on its obligation, then we pay Rs 450/- per kg for gold lot per day. While for Silver lots will be at Rs 12/- per kg and Rs 6/- per kg respectively.
Yes. A simple process will guide you to view your ledger account. Kindly click here: Ledger Account - view online
MISCELLANEOUS
Buying precious metals is easier than ever with RSBL SPOT! You
can place an order request online using RSBL SPOT- our secure,
hassle-free online ordering system. Click here to get started
now!- OPEN RSBL SPOT A/C
Only Registered clients of RSBL SPOT can buy or sell bullions
in RSBL SPOT to the extent of limits given as per security
deposit.
Yes. RSBL can hold and store your gold purchases at no extra cost- subject to clearance of funds.
- The natural variation in collective supply and demand of our customers. Occasionally there will be more buyers or sellers in one place than another. Sometimes this creates a clear opportunity to deal in the other location - what market professionals call arbitrage.
- Physical delivery and storage costs are second cause for different prices. There are expenses involved in taking delivery of bars into vaults, and they vary from market to market and vault to vault. This means physical in-vault ownership may have a slightly higher value at vaults where those higher delivery costs have already been borne.
- The third reason may be geopolitical. If it were felt by market participants that the jurisdiction in which a vault was operating presented certain extra risks or benefits then this might affect the price.
Prithviraj Kothari's blogs©2011 RSBL
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