3.1 C
London
Tuesday, January 25, 2022

New rule is applicable for buying and selling gold jewelery from June 1, understand the whole thing

- Advertisement -spot_imgspot_img
- Advertisement -

Gold jewelery without hallmark cannot be sold after 1 June 2021.

Right now hallmarking is on voluntary basis.

The government has completed preparations to make hallmarking mandatory on gold jewelery and artifacts from 1 June 2021. Right now it is on voluntary basis. Hallmarking was started in our country from the year 2000, but for the last 20 years it was made on elective basis. Gold hallmarking is a kind of purity certification. If a jewelery has a hallmark, then it gets a fair price in the market.

It is believed that gold jewelery without hallmark cannot be sold after 1 June 2021. The Bureau of Indian Standards i.e. BIS had also issued a notification regarding this last month. Gold purity will now be in three grades. First 22 carat, second 18 carat and third 14 carat. Once the system of hallmarking is introduced, both the customer and the jeweler will benefit. There will be no doubt in both of them about the quality. According to Bloomberg report, India imports around 700-800 tonnes of gold every year. In the process of jewelery hallmarking, jewelers deposit jewelery at BIS’s A&H center and check its quality there. According to the result, the BIS marks it.

It was announced in November 2019

The Center had announced in November 2019 to make Hallmarking compulsory for gold jewelery and artefacts from January 15, 2021. The jewelers were given more than a year to prepare for hallmarking and to register themselves with the Bureau of Indian Standards (BIS). The deadline was extended to June 2021 on the demand of bullion traders amid the COVID-19 epidemic.

No more time to demand

Consumer Affairs Secretary Lina Nandan said in a virtual press conference, “There is no demand to increase the bar.” BIS is engaged in sanctioning hallmarking to the jewelers. “BIS Director General Pramod Kumar Tiwari said,” We are ready to make hallmarking mandatory from June. We have not received any proposal to extend this date. “So far, 34,647 bullion traders have registered with BIS.

Three quality gold will be allowed to be sold

He said, “We hope that in the next one or two months the registration figure will reach one lakh. The registration process has been made online and automated. “From June 1, bullion traders will be allowed to sell only 14, 18 and 22 carat gold jewelery.”

Registration with BIS at home

The registration process with BIS has been made much easier for the jewelers. This work can now be done online from home. For this, www.manakonline.in has to go to this website. Here, the documents are demanded and the registration fee has to be submitted. After completion of the process, the applicant becomes a registered jeweler of BIS.

Know how much is the registration fee

BIS registration fees have also been kept very low. If the turnover of a jeweler is less than 5 crores, then the registration fee for this is 7500 rupees, the registration fee is 15 thousand rupees for an annual turnover between 5 crores to 25 crores and 40 thousand rupees for more than 25 crores turnover. If the turnover of a jeweler is beyond 100 crores, then this fee is 80 thousand rupees.

Read also, NCLAT’s big decision! Telecom companies are not the owners of spectrum, only the right to use

Read also, Special FD Scheme: These banks are giving opportunity to earn more interest till June 30, know everything here

(With language input)

- Advertisement -
Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
Latest news
- Advertisement -spot_img
Related news
- Advertisement -spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here