Cabinet makes hallmarking gold jewellery mandatory: Minister
PrintListen to this Article
The government has made hallmarking gold jewellery for quality control mandatory, a senior government minister said.
India is the world's biggest consumer of gold but quality is sometimes a problem, especially when small jewellers and customers face problems during redemption.
At present, about 77 items - including cement, mineral water and milk products - are certified through mandatory hallmarking under the BIS Act for conformance with quality norms.
The voluntary jewellery hallmarking scheme was started in 2001, with the Bureau of Indian Standards (BIS) named the sole agency in the country for hallmarking of gold jewellery under the provisions of the BIS Act, 1986.
Gold imports by India plunged 56 per cent to 125 tonnes in the fourth quarter, cutting full-year imports by 8.4 per cent as record high prices and high interest rates hit demand.
India, whose appetite for gold dates back centuries, imported about 878 tonnes of gold in 2011, down from 958 tonnes in 2010, Bombay Bullion Association President Prithviraj Kothari said in an interview.
The World Gold Council said in November that for the fourth quarter it expected the world's second most populous country to buy more than the 281 tonnes it bought in the same period a year ago, taking total imports over 1,000 tonnes.
The October-December quarter covers the peak festival and wedding season, when Indians traditionally splurge on gold jewellery and investments. It is rare for gold demand in the last quarter to remain below third quarter consumption.
"Imports were very bad in October to December, compared with last year, compared with Q3 of this year," Kothari said.
"People were even selling gold in November. For them it was an investment," he added.
Category : General | Comments : 0 | Hits : 391
Retirement fund body EPFO has said it will no longer use Aadhaar as a valid document for proof of date of birth. In an official circular on January 16, the Employees' Provident Fund Organisation (EPFO) said the decision to remove Aadhaar was taken following a directive from the Unique Identification Authority of India (UIDAI). As per the circular, Aadhaar is also being removed from the list of documents for correction in date of birth.
A five-day-long Special Parliament Session will be held from Monday. A Parliamentary Bulletin said, that on the first day a discussion on the Parliamentary Journey of 75 years starting from Samvidhan Sabha - Achievements, Experiences, Memories, and Learnings will be held in Lok Sabha. The Government has listed Bill on the appointment of the Chief Election Commissioner, and other election commissioners in the upcoming Parliament Session. Apart from this The Advocates (Amendment) Bill, Th...
Artificial intelligence can substitute neither the human intelligence nor the humane element in the adjudicatory process, the Delhi high court has held and said ChatGPT can't be the basis of adjudication of legal or factual issues in a court of law. Justice Prathiba M Singh stated that the accuracy and reliability of AI generated data is still in the grey area and at best, such a tool can be utilised for a preliminary understanding or for preliminary research. The court's observati...
Domain + Website + Hosting + 2 email ids @ Just Rs.3100/- with 30 days Money Back Guarantee. CASANSAAR offers a Golden opportunity for Professionals, where they could create their own stunning website with multiple designs and templates to choose. It will be completely your own space, which is going to be a Dynamic Website and could be edited as per your wish. Now Get 2 Email ID's with Your Own Websi...
The Delhi High Court Monday sought the Centre’s stand in a plea against a notification where chartered accountants, company secretaries and cost accountants have been included among “reporting entities” under the Prevention of Money Laundering Act (PMLA) A division bench of Chief Justice Satish Chandra Sharma and Justice Sanjeev Narula granted time to Additional Solicitor General Chetan Sharma, who appeared for the Centre, to “seek instructions” and listed the ma...
Comments