This year, Dhanteras is being celebrated on November 2. As per tradition, people across India invest in coins and jewelry, especially gold. This Diwali season, it might be difficult for one to physically visit a jewelry store to buy gold in view of the COVID-19 pandemic and government-imposed restrictions.
Keeping in mind the current circumstances, one can always invest in digital gold at a low price. Now, people have the provision of buying gold online for prices as low as Re 1. This digital gold can be bought through platforms connecting you with vendors and refiners.
The companies that offer the purchase of digital gold are Augmont Gold, MMTC-PAMP India Pvt. Ltd, and Digital Gold India Pvt. Ltd. One also has the option of buying digital gold through digital wallets and UPI apps such as Paytm, Amazon Pay, Google Pay, and PhonePe.
Here’s all you need to know about buying gold online
The prices of digital gold often are very low, as compared to the price of physical gold. One can also buy gold online for a menial amount of Re 1. One thing to be kept in mind is the purity of the gold. It is advised to always keep a check on purity before making the purchase.
The storage of digital gold may seem confusing but is actually somewhat similar to buying actual physical gold. The gold is bought online and stored in insured vaults by the seller on behalf of the customer. One can check their gold in their digital vault balance.
Similar to buying physical gold, you will be charged 3 percent GST while purchasing digital gold. The final taxes on your gold depending on your holding period. You will also be asked to pay the making charge while converting your gold into coins.
How to buy digital gold on Google Pay
- Open your Google Pay app and log in to your account.
- Scroll down on the homepage and click on the Gold coin option.
- Choose your desired amount of digital gold and make the payment.
- Your digital gold will be secured in the gold locker of your mobile wallet.
- You can also sell and gift the gold you have purchased.
Customers must note that a 3 percent GST charge will be levied when you make the purchase of digital gold. You will also need to buy at least half a gram of gold for it to be delivered to you physically.
