PIL questions gold schemes by jewellery firms

.....The PIL has sought an enquiry into gold saving schemes, alleging that they are no different from deposit-taking schemes. The PIL also alleges that there is “no mechanism (to recover money) if any jewellery shop owner or company has gone into liquidation” and such schemes “need to be banned”. While RBI, Sebi and the police have responded to an earlier Right to Information (RTI) application filed by Agrawal stating that the schemes do not fall under their purview, the PIL has sought a fresh enquiry into the schemes by the regulators. RBI has, however, maintained that since Tanishq and similar jewellery firms are not registered with it as non-banking finance companies, the schemes do not fall under its purview. The banking regulator clarified that schemes like Golden Harvest “do not amount to acceptance of deposits”............

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