The beginning of the purchase of gold bullion certificates from today – Tejaratnews
According to Tejarat News, the basic asset is 100 whistles (0.1 grams) of one-kilogram gold bullion with a trading value of 995, and its transactions will be conducted through the trading system of Iran’s New Commodity Instruments (SAMA).
Based on this, and until further notice, all legal entities (except for gold-backed commodity investment funds and Bazargardan) are not allowed to buy gold bullion commodity deposit certificates.
The storekeeper is obliged to obtain and keep the birth certificate issued for each gold bar and deliver it to the holder of the deposit certificate at the time of receiving the goods from the warehouse.
Currently, it is possible to deliver goods to the warehouse only by the manufacturer or importer approved by the warehouse keeper. The weight of each bullion at the time of delivery to the warehouse or leaving the warehouse is considered based on the equivalent of multiples of 100 995 carat (part in 1000), which is the basis of gold bullion certificate of deposit transactions.
In order to carry out the aforementioned certificate transaction, all market participants should obtain a code from the commodity exchange. Warehousing costs in the amount of 30 rials per day for each commodity deposit certificate for keeping the goods in the warehouse from the beginning of the day of issuance of the commodity deposit certificate in the name of the owner of the goods until the end of the transaction day of each part of the sold goods are his responsibility. It is deducted from the transaction amount by the clearing house of the commodity exchange and is applied to the storekeeper’s asset book.
Also, the cost of storage from the beginning of the calendar day after the day of the transaction to the end of the day of delivery is the responsibility of the buyer. Value added tax on storage cost is also calculated at 9% of storage cost and paid to the storekeeper. The cost of storage at the beginning of each bullion year is adjusted based on the price of gold multiplied by 0.4 divided by 365 and will be notified before implementation.
Since the commodity deposit certificate is 0.1 grams of one kilogram gold bullion with a trading value of 995, in order to receive the goods from the warehouse, it is necessary to provide at least 11 thousand commodity deposit certificates by the owner. In order to receive the goods from the warehouse, the customer must register his delivery request on working days from Saturday to Wednesday at the latest until 15:00 through the brokerage company or the online transaction system.
Also, the delivery of the market to the customers is done randomly from one of the accepted warehouses and bullion. Gold bullion transactions are done from Saturday to Thursday from 12:00 to 15:00.
According to the Director of Financial Markets of Commodity Exchange, the said certificate is offered in line with the government’s economic policies. In order to provide a safe and legal way for people to invest in the field of gold.
He stated that currently people buy second-hand or melted gold from the gold market to invest in gold, he said: while this type of gold comes with quality risk, maintenance, tax, etc., while the bullion certificate market Gold is a legal and regulated market. The ingots that enter the treasury are either domestically produced or imported ingots that the importer can agree with Bank Mellat, which is currently our treasury, about the authenticity. Bank Mellat has guaranteed the ingots in terms of quantity and quality.
Emphasizing that the ingot certificate market is exempt from income tax and value added tax, Fallah said: Any profit from this market belongs to the individual. Each person can buy and store a maximum of 50 kilos of gold. These transactions have a secondary market.