Personal Finance Blog- India V 2.0: E-gold

Showing posts with label E-gold. Show all posts

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)

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

#NSEL E-Series redemption - in a stand still?? #delay

While the number of media reports about NSEL is quietly streaming in the media, there is not enough attention paid to the situation of about 7 lakh e-series investors.

There are articles which say that there is delay in physical delivery due the to "rush" of request, but there is lack of any concrete evidence to prove any action by NSEL.

If NSEL is doing some genuine physical delivery ( I am sure that this is not the case), they should publish the details of physical delivery made everyday on their site.The audit certificate provided on the physical stock is of no use unless people get their money back on time.

All blogs/ new papers that promoted e-gold as an investment tool are completely silent now. ( Did they have a vested interest in promoting the product ?)

The most surprising fact is that there have been no arrests/ concrete action by any government agency which will at least bring back some faith back in out financial investment framework.

Justice delayed is justice denied.