Personal Finance Blog- India V 2.0: May 2014

Waiting for E-series financial closure pay out? #e-series #e-gold

Further to the news on financial closure of e-series, I have been waiting for payment from NSEL. It has'nt happened till today. When browsing for information found some relevant information from NSEL site.

Payout to Unit Holders:

Payment instructions shall be made to the Bank for payout to Unit holders on the same day

on which the payment is received as per schedule of receipt of funds from the winning

bidders.

Payment shall be made to the unit holders on the basis of their holding in the proportion of

the amount of metal sold to the total quantity of metal available for Financial Closure.

For instance for e-Gold say:

a) If the total of all ‘free balances’ on the ‘Record Date’ is 400000 units. Hence the

quantity of gold available for financial closure is 400 Kgs.

b) On the first day of bidding 250 Kgs is allocated to winning bidders.

c) The total fund received by the Exchange towards this allocation of 250 Kg is Rs. 72.5

crores.

d) In the above scenario, towards every 1 unit of e-Gold held, unit holders shall be

eligible to receive Rs. 1812.50 [(725000000/250000)*(250/400)] on T+2 day of the

first day of bidding.

Such payout instruction shall be made to the bank only if the total payout amount against a

particular e-Series Commodity is more than Rs. 90 crores or if all metal towards one

particular e-Series commodity has been completely allocated and payment received against

the same. If the total payout amount is less than Rs. 90 crores, payout shall be made when

total payout against a particular e-Series commodity exceeds Rs. 90 crores.

Not sure if any other genuine e-gold/silver/platinum retail investor has got back some yet??. If yes, Please do drop a comment :-)

Update:- Got a credit from NSEL for a small amount on 22/5 which is a fraction of my investment. "Something is better than nothing" :-)

Justice delayed is justice denied #e-gold #e-silver #e-platinum. #nsel eseries financial closure status (payout/payment status)

Few interesting blog posts- Simple investment plan & Over estimating future income!

When flipping through my regular reads, I came across these interesting blog posts which I thought should be shared.

1. The short, sweet investment plan for life. Looks simple, but I believe can be effective. The best things in life need not be complex always!.

http://valueinvestorindia.blogspot.in/2014/04/shortest-investment-book.html

2. What happens if you overestimate your future income?. EMI committed based on overestimated future income can ruin your life.

http://www.jagoinvestor.com/2014/05/are-you-overestimating-your-future-income-and-getting-into-debt-trap.html

Happy reading.

Call from HXFC Life Insurance

Caller: Hello sir

Me: Hello

Caller: Calling from HXFC life insurance we have a very good plan for you which yields 12% return , Premium need to be paid for 7 years and you will get maturity at end of 10 years.

Me: What will be the sum assured and what is the amount that I will get after 10 years? How is the IRR ( rate of return) 12% calculated, where do you invest this money to get 12%?

Caller: Sir,I will hand it over to my boss.!!!

.......

Team Lead: Hello sir, this Name of the plan is # bla bla bla, 7 year , 10 year, 15 year option #bla bla bla .. (No correlation to the question asked by me).

Me: Hold On. Can you please answer my question

What will be the sum assured and what is the amount that I will get after 10 years? How is the IRR ( rate of return) 12% calculated, where do you invest this money to get 12%?

Team Lead: Sir, this is a very good plan. We invest in government projects like road, metro, etc and that's why we get 12%.

Me: Through what instrument do you invest??

Team Lead : Sir, we will give you in writing that you will give 12% return assured. We don't invest in equity and we will give you a BOND ( Don't know what a BOND means???)

Me: What is the amount that I will get after 10 years , if I invest XXXX for 7 years?

Team Lead: This plan is.....

Me: What is the amount that I will get after 10 years , if I invest XXXX for 7 years?

Team Lead: Roughly YYYY

Me: That amounts to only 5-6% return which I can get from my SB account. You said it was 12%??

Team Lead: Sir, you wont get return anywhere . FD has TDS and they wont pay you more than 7%

Me; What??? You said the policy offers 12% return and the maturity amount stated doesn't justify that? Are you getting my question.

Team Lead: Sir, no bank gives you this type of return!!!

I hang up.

My humble request to all Insurance companies: Please get any product rolling into market..But please have the people that sell your product trained on IRR and comprehending customers question.( But may be you are doing this with a purpose- if some one gets all the right facts - No one may opt for your products)

+91 9894509065 caller number 14 may 11.32am( ask the right questions before you invest)

NSEL eseries financial closure begins! ( Hope it materializes)

NSEL commences financial closure of e-series contracts , Hopefully there is some light at the end of the tunnel for e-series investors.

How it is supposed to work

NSEL said the proceeds from sale of metal will be credited to the respective unit holders holding free balance.

The payment instructions will be made to banks for payout to unit holders on the same day on which the payment is received as per schedule of receipt of funds from the winning bidders, it said.

Payment will be made to the unit holders on the basis of their holding in the proportion of the amount of metal sold to the total quantity of metal available for Financial Clos ..

e-gold e-silver e-copper e-zinc when will I get my money back