RiddiSiddhi Bullions Ltd. (RSBL) Spot
Precious-
metals Online
Trading (SPOT) is an over-the-
counter
in-house electronic spot bullion-trading
platform.
Q)
IS RSBL
SPOT an Exchange?
A.
No. RSBL SPOT is not an exchange. It is a Platform provided by
RSBL to its Registered Clients for trading bullion
online and the counter party to the clients is RSBL
Only.
Security
Deposit is an initial payment that has to be made to
open an account, which is refundable. Security Deposit
will act as a margin towards the trading limits.
Rs.
50,000/- Trading Possible for
100 gm Gold
Contract (10 LOT)
OR
1 KG Gold Bar Contract (1 LOT)
OR
30 Kg Silver Bar Contract (1 LOT)
Rs.
1,00,000/- Trading Possible for
100 gm Gold
Contract (20 LOT)
OR
1 KG Gold Bar Contract (2 LOT)
OR
30 KG Silver Contract (2 LOT)
Trading Limit combination is possible as per the
following, for each contract and specified lot.
Security
Deposit For 1 KG Gold Bar = Rs. 50,000/-
Security
Deposit For 30KG Silver Bar = Rs. 35,000/-
Security
Deposit For 100gm Gold Bar = Rs. 5,000/-
Q)
What are
the benefits of using RSBL SPOT?
A.
RSBL SPOT is
a state-of-the-art trading system, which replaces the
traditional mechanism of buying bullions over the phone
and this brings transparency and better pricing in the
entire trading system by eliminating intermediaries.
ABOUT TRADING:
Q)
What is
T+2 Trading cycle?
A.
T+2= Trading
day + 2 working days (to give/take delivery after
clearance of funds)
For example: If a person buys gold on Monday then he has
to take delivery on or before Wednesday subject to
clearance of funds.
Q)
What is
two-way Quote?
A.
Two-way
quotes are BID/ASK rates offered by RSBL. Registered
clients can buy bullion at ASK rate and also sell
bullion at BID rates. In other words, clients are free
to either buy or sell bullion at BID / ASK rates offered
by RSBL.
Q)
What is a
limit buy order?
A.
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.
Q)
What is a
limit sell order?
A.
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.
Q)
Can I
cancel or change my pricing on my “limit buy order” or
“limit sell order”?
A.
Yes, You can
change your price or cancel the limit order until it is
executed.
Q)
What is
the form of goods traded on RSBL SPOT?
A.
Only LBMA
Refinery Bars, Internationally Reputed Refinery Bars and
RBI MINT bars are traded on RSBL SPOT.
Rates vary
for each delivery center-
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
Q)
What is
the are TAX percentage / Amount?
A.
It is
dependent on Indian state govt. laws. For current rates
kindly refer
contract specification.
Q)
Can we
sell goods back to you, which are bought from you?
A.
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.
Q)
Can I off-set the trade position?
A
Yes, you can off-set the trade position on the same day.
Any position, which is not off-set on same day till
trading hours, will result in compulsory delivery.
Q)
Can I withdraw funds from my account at any time?
A.
Yes. However a written intimation of the same needs to
be given to RSBL on your letterhead one day before
withdrawal.
Q)
Can I choose a particular trade to set-off with
another on RSBL SPOT platform?
A.
Yes you can. However the position has to be set-off on
the same day.
Q)
What are the Trading timings ?
A.
Monday to Friday – 10:00 A.M. to 9:00 P.M.
Saturday - 10:00 A.M. to 2:00 P.M
Q)
Can I place Limit Order on Overnight Basis?
A.
No. All orders need to be placed during the trading
hours. Orders that are not executed will be cancelled
after the trading hours.
ABOUT PAYMENTS:
Q)
How can I make payment for the Delivery?
A.
Payment can be made through high value cheque, bank
transfer or RTGS. Photocopy of the same needs to be
submitted at RSBL.
Q)
How quickly will you need my payment?
A.
Payment must reflect in our bank as clear funds within 2
working days after the trading day, failing of which
penalty will be charged.
Q)
Can I pay for my order with my credit card?
A.
No, we do not accept credit or debit cards as
methods of payment.
ABOUT PRICING:
Q)
Do you add a commission fee to your posted prices?
A.
No, the prices you see are the prices you pay. (Local
taxes as applicable and as per contract specification).
Q)
Are your prices locked in when I place my order?
A.
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:
Q)
Can my security deposit be adjusted for Delivery
Purpose?
A.
Security deposit will not be adjusted against delivery.
Refund of security deposit will take 7 working days (Subject to
Business Rules).
Q)
What if I am not able to take the delivery on the
Last Day (T+2)?
A.
If delivery is not taken within the trading cycle (T+2)
then a penalty (i.e. 1 % of RSBL PM Fixed Rate of the
last day of the trading cycle) will be charged. In
addition to that, difference between Trade rates – RSBL
PM Fixing rate will be recovered or paid.
For example:
In case client has a Buy Position @ Rs 10,000 per 10 Grams.
For calculation of Penalty, Default days RSBL Spot PM Fixed will be taken. (Meaning?)
will be taken.
MISCELLANEOUS:
Q)
How do I buy gold from RSBL SPOT?
A.
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
Q)
Who can buy from RSBL SPOT ?
A.
Only Registered clients of RSBL Spot can buy or sell bullions
in RSBL SPOT to the extent of limits given as per security
deposit.
Q)
Can RSBL hold and store my gold purchases?
A.
Yes. RSBL can hold and store your gold purchases at no extra
cost- subject to clearance of funds.
Q)
Can I place an order on the phone instead of using the
online trading system?
A.
If you are facing login problem or connectivity issues then
you can buy or sell bullion products on the phone by calling
our Dealing Department.
Q)
There are often different prices for gold in different
locations. Why?
A.
There are three likely reasons for this.
The first is 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.
The second reason reflects physical delivery and storage
costs. 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.
