RBI: New guidelines regarding gold loan, now you will not get more money than this

Internet Desk. The Reserve Bank of India has instructed non-banking financial companies regarding gold loans to work only as per income tax rules. According to media reports, according to the Income Tax Act, only cash up to Rs 20,000 can be given in exchange for gold.

How much cash will you get in exchange for gold?

If media reports are to be believed, RBI has said in the instructions that now only Rs 20,000 will be given in the form of cash. The Central Bank has noticed some problems during the inspection of IIFL Finance. After which this decision has been taken.

Commenting on the RBI decision, VP Nandakumar, MD and CEO of Manappuram Finance, said that the limit of Rs 20,000 for giving cash loans has been reiterated. However, it could bring transparency and better compliance and is a step in the right direction towards the beginning of Digital India.

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