[prpoint] Gold Loan Scam Prevention

 

Srinivasan:
 Indians have enormous amount of gold.Quite a few chit fund companies are advertising that they will lend easy money against such household gold asset.Celebrities are irresponsibly endorsing their Ad.This is nothing but pawnbroking by other means.Terms and conditions arenot disclosed in these Ads.RBI justnow has announced that it will bring about some rules to regulate such loans.
Just as SEBI required mutual funds that that they should add to their Ads a caution that investors should carefully read the TOR and any such investment is risky,Shouldnot RBI require companies that offer gold loans to add similar caution to their Ads?
Some gold loans charge as much as 40%. agents are enticing villagers to pledge their gold with false promises.Govt and Parliament will wake up one day after a scandal on this subject breaks out.
S.Narendra

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