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Gold Loan Defaults And Gold Sale On Rise: Government Should Unfurl Safety Net

Gold Loan Defaults And Gold Sale On Rise: Government Should Unfurl Safety Net
swarajyamag.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swarajyamag.com Daily Mail and Mail on Sunday newspapers.

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CCTV Script 13/07/21

CCTV Script 13/07/21
CNBC
12 hrs ago
This is the script of CNBC s news report for China s CCTV on July 13, 2021, Tuesday.
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More than 400,000 Indians have lost their lives due to COVID-19 and an increasing number of people are slipping into poverty. Azim Premji University s calculation shows the number of people who earns less than the minimum wage, which is $5 a day, has swelled by over 200 million. And Indian Express estimates in a recent report that between 150 and 199 million Indians will fall back under the poverty line this year due to the pandemic, which means almost half of the country s population are in poverty. ....

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'Distress sale': Indians offload gold heirlooms as Covid deepens pain

Paul Fernandes, a 50-year-old waiter in India, last year took out a loan using his gold as collateral to pay for his children’s education after losing his job on a cruise liner. This year, he is selling his gold jewelry to meet expenses, after failed attempts at starting a home business and finding another job.
“A gold loan is after all a debt that I am taking on,” he said from his hometown in the coastal state of Goa. “Selling my jewelry means I am not obligated to pay someone back along with an additional interest on that.”
With the pandemic pushing millions into poverty or bankruptcy, many Indians are now turning to their last resort: selling their gold jewelry to make ends meet. In rural India, the biggest bullion buyer, a brutal new wave of the virus has had a catastrophic impact on the economy and incomes. With fewer banks around, people in rural areas rely on gold in times of need as it can be easily liquidated. ....

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Coronavirus: Indians Sell Their Gold As Covid 2nd Wave Pushes Millions Into Poverty

Indians have been cutting down on their gold purchases in the past couple of years.
Paul Fernandes, a 50-year-old waiter in India, last year took out a loan using his gold as collateral to pay for his children s education after losing his job on a cruise liner. This year, he is selling his gold jewelry to meet expenses, after failed attempts at starting a home business and finding another job.
A gold loan is after all a debt that I am taking on, he said from his hometown in the coastal state of Goa. Selling my jewelry means I am not obligated to pay someone back along with an additional interest on that. ....

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Indians offload gold heirlooms as virus deepens financial pain

Indians offload gold heirlooms as virus deepens financial pain
thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.

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