Titan-Tata Group’s jewelry brand has announced the re-launch of its much popular ‘Gold Harvest’ deposit scheme. The new deposit scheme was introduced last week in compliance with the new law. The national launch of the scheme is expected soon, the company added.
According to Titan, the scheme was re-introduced in order to be inline and compliant with government regulation as ordained by the new Companies Act. Earlier, the company had obtained shareholder approval for the modified version of the scheme. Following the introduction of new Company’s Act by the Corporate Affairs Ministry, Titan had to withdraw its gold deposit schemes as it exceeded the cap on returns as specified by the Act.
The earlier gold deposit schemes had offered attractive returns of up to 17% per annum and had soon become hot favorites with the investing community in the country. According to the scheme, customers had to deposit equated sums of money for eleven months and the last installment would be paid by the company. However, the revised rate of return is capped at around 12% as prescribed by the Act.
Titan Company is an Indian designer and manufacturer of watches, jewelry, precision engineering components and other accessories including sunglasses, wallets, bags and belts.