Monday, November 19, 2012

Kya kabhie Gold installment mein mil sakta hai?

Kya kabhie Gold installment mein mil sakta hai?

Dear Friends, I have come across several advertisements by Tanishq and PC Jewellers which mainly says "Pay in 11 installment and get last installment free". 

In my view the said advertisement comes under the category of"misleading advertisement" as explained below:

1. The said advertisement says "Pay in 11 installment and get the last one free". The term "installment" is used where the product has been purchased and the payment is deferred and is made in agreed future installment and is with reference to the paying after the product has been purchased. The terms installment is defined as "installment - a payment of part of a debt; usually paid at regular intervals"
2. I have discussed with Tanishq on the said installment scheme who had explained to me that the perspective buyer is required to pay in advance like a recurring deposit kind of scheme for 11 months and after 12 months we can buy gold equal to the value of 12 monthly payments at the rate prevailing on the actual date of purchase i.e after 12 months.
3. The said scheme is amounting to misleading the perspective buyers and the company is collecting the money from the public in advance for 11 months without purchase of product. When the product has not been purchased, there is no possibility of any debt and hence no installment is due. Hence the term installment is misleading the perspective customer and it is thought that the Tansihq would sell its product to the buyer today and will be required to pay in 11 months with 12 equated monthly installment. It does setaback to the buyers who happen to visit their showroom spending time and money and coming back without the product causing unnecessary financial burden.
4. In view of above, I feel company is adapting to unfair trade practices through misleading advertisements which needs to be stopped immediately and appropriate action taken. 
5. The said schemes are also advertised by the company through other medium.
I have already requested company and ASCI to look into such misleading advertisements to be stopped.. Until the company stops such misleading advertisements, the perspective buyer need to be careful.

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