Owning gold digitally is only useful if you can turn it back into cash when you need to. Here's how selling works on RamMudra™, IGM's digital gold app - when you can sell, how the price is set, and how quickly the money actually reaches your account.
Can I sell my digital gold?
Yes. You can sell your RamMudra™ Digital Gold through the app at the prevailing gold price, subject to applicable terms. The sale proceeds will be credited to your registered bank account instantly.
How do I sell digital gold?
You can sell your RamMudra™ Digital Gold directly through the app. Simply enter the quantity of gold you wish to sell, review the applicable price, and confirm the transaction. The sale proceeds will be credited to your registered bank account instantly.
Can I sell digital gold anytime?
Yes. RamMudra™ provides 24×7 access to digital gold transactions, you're not limited to market hours.The sale will be executed at the prevailing gold price at the time of the transaction.
What price will I get when I sell digital gold?
Your digital gold is sold at the applicable sell price displayed on the RamMudra™ app at the time of the transaction. The amount you receive may differ from the price you originally paid, since gold prices change.
Why is the buying price different from the selling price?
The buying price and selling price of digital gold are different because they include the costs involved in sourcing, securely storing, insuring and facilitating transactions in physical gold. The applicable buying and selling prices are clearly displayed in the RamMudra™ app before you complete a transaction.
Is GST charged when I sell digital gold?
No. GST applies when you buy digital gold, but there's no GST on the sale.
How long does it take to receive money after selling digital gold?
RamMudra™ provides instant redemption to your linked bank account, 24×7.
The takeaway
Selling on RamMudra™ is designed to work like any other liquid asset: you can do it 24×7, at the live market price, with proceeds redeemed straight to your bank account. The buy-sell spread or the difference in buying and selling price exists to account for the operational costs.
