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Titan Company, which retails Tanishq brand of gold and diamond jewellery, has said that its Board of Directors have approved a new scheme to elicit fixed deposits for gold from customers. The company, which was forced to pull the plug on its earlier much popular schemes during July 2014 has said that a retail scheme will be announced pretty soon. Titan officials said that the final contours are being drawn out and it will be indeed attractively structured.
Titan had to stop its two gold deposit schemes after the new Companies Act, which termed this scheme as public deposits. Under the new Act, these rules limited the return that companies could offer deposit holders to 12% and also capped the total amount of deposits within 25% of their networth.
Tanishq has been operating two gold deposit schemes - Golden Harvest and Swarna Nidhi for many years and which has benefitted lakhs of customers to buy gold by depositing a small sums of money over a period of one year.
