Frequently Asked Questions
- What is RSBL eCoins?
Ans : RSBL eCoins 'RiddiSiddhi Bullions Ltd.' (eCoins PRECIOUS METALS ONLINE TRADING SYSTEM) is a state-of-the-art, over the counter (OTC), online bullion-trading system in Indian Currency. Following RSBL Spot, RSBL launched a similar product known as RSBL eCoins, where the trading stem is same but the denomination starts as low as 1 gm. RSBL eCoins is a B2B system by which one can buy, sell and trade Gold coins/bars and Platinum bars as per international bullion live market rates in Indian rupees.
- Is RSBL eCoins an Exchange?
Ans :RSBL eCoins is not an exchange. It is an OTC based system where trading is done with the intention of taking or giving delivery.
- How do I open an account?
Ans :To open an account
Open An RSBL eCoins A/C
- What is the security/margin deposit? Is it refundable?
Ans :Security/Margin Deposit is an initial refundable payment when account is opened i.e. Rs. 10,000/- minimum. With this margin money in your account you are allowed to trade around 100 gms of Gold. Please note: the trading limit changes as per the market volatility.
- What are the benefits of using RSBL eCoins?
Ans :RSBL eCoins is a state-of-the-art trading system, which replaces the traditional mechanism of buying bullions over the phone and in turn brings transparency and better pricing in the entire trading system by eliminating intermediaries.
About Trading Process
- What are the Trading timings?
Ans :Monday to Friday - 11:00 hrs to 21:00 hrs
Saturday - 11:00 hrs to 14:00 hrs
- What do you mean by trading cycle?
Ans :Trading on this system is done on T+2 basis. T+2 means trading plus two working days, where the entire trade is completed within three days. For e.g. if the client trades on Monday then maximum by Wednesday (Obligation day), he/she has to transfer the funds and take the delivery otherwise he/she needs to square-off that trade.
- What do you mean by two-way Quotes?
Ans :Two-way quotes are BID/ASK rates offered by RSBL eCoins. Registered clients can buy bullion at ASK rate from RSBL eCoins and also sell bullion at BID rates to RSBL eCoins. In other words, clients are free to buy or sell bullion at BID / ASK rates offered by RSBL eCoins.
- What is a limit buy order?
Ans :An order to buy a specific quantity at a specific price. Limit Buy order ensures that a person will never pay more than his/her Limit price.
- What is a limit sell order?
Ans :An order to sell a specific quantity at a specific price. Limit Sell order ensures that a person will never receive less than his/her Limit price.
- Can I cancel or change my pricing on my "limit buy order" or "limit sell order"?
Ans :Yes, you can change your price or cancel the limit order until it is executed.
- What is the form of purity for goods traded on RSBL eCoins?
Ans :Gold Mumbai - available in .995, .999 and .9999 purity.
Platinum Mumbai - available in .999 purity.
Gold Hyderabad - available in .999 purity.
- Is this Rate inclusive of Sales Tax / VAT?
Ans :Gold Mumbai - Rates quoted are without V.A.T.
Gold Hyderabad - Rates quoted are with V.A.T.
For detailed information on same please visit / download
- What are TAX percentage / Amount?
Ans :It is dependent on Indian state govt. laws. For current rates kindly refer contract specification
- Can we sell goods back to you, which are bought from you?
Ans :Yes, you can sell the goods back to us provided that the delivered goods are bought from us only and the packing is not disturbed i.e. broken.
- Can I square off the trade position?
Ans :Yes, you can square off the trade position on the same day.
- Can I place Limit Order on Overnight Basis?
Ans :No. All orders need to be placed during the trading hours. Orders that are not executed will be cancelled after the trading hours.
About Payment Process
- What are the modes of payment in this system?
Ans :The modes of payments are:
1. Cheque based.
2. RTGS or NEFT transfer
3. Bank transfer
- How quickly will you need my payment?
Ans :Payment must reflect in our bank as clear funds within 2 working days after the trading day, failing of which will lead to penalty.
- Can I pay for my order with my credit card?
Ans :No, we do not accept credit or debit cards as methods of payment.
About Pricing Process
- Do you add a commission fee to your posted prices?
Ans :No, the prices you see are the prices you pay. (Local taxes as applicable and as per Contract Specification)
- Are your prices locked in when I place my order?
Ans :Yes. When a deal is confirmed, the price at which you booked your order is the final price even if fluctuations in the market occur afterwards.
About Delivery Process
- Can my security/margin deposit be adjusted for Delivery Purpose?
Ans :Security/margin deposit will not be adjusted against delivery.
- What if I am not able to take the delivery on the Last Day (T+2)?
Ans :If the client fails to pick up the delivery on the obligation day, RSBL will be charging a penalty of Rs. 2/- per gram for gold lot per day to the client. But if RSBL fails on its obligation, then we pay Rs. 2/- per gram for gold lot per day. While for Platinum lots will be at Rs. 2/- per gram and Rs. 2/- per gram respectively.
- Can I view my ledger account online?
Ans :For more information about you account ledger you may contact your Distributor.
- How do I buy gold from RSBL eCoins?
Ans :Buying precious metals is easier than ever with RSBL eCoins You can place an order request online using RSBL eCoins - our secure, hassle-free online ordering system.
Click here to get started now! - OPEN RSBL eCoins A/C
- Who can buy from RSBL eCoins ?
Ans :Only Registered clients of RSBL eCoins can buy or sell bullions in RSBL eCoins to the extent of limits given as per their security deposit.
- There are often different prices for gold in different locations. Why?
The natural variation in collective supply and demand of our customers. Occasionally there will be more buyers or sellers in one place than another. Sometimes this creates a clear opportunity to deal in the other location - what market professionals call arbitrage.
Physical delivery and storage costs are second cause for different prices. There are expenses involved in taking delivery of bars into vaults, and they vary from market to market and vault to vault. This means physical in-vault ownership may have a slightly higher value at vaults where those higher delivery costs have already been borne.
The third reason may be geopolitical. If it were felt by market participants that the jurisdiction in which a vault was operating presented certain extra risks or benefits then this might affect the price.