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Introduction:-
Gold Monetisation Scheme was launched by government of India on 5th Nov.2015. Bureau of Indian Standards (BIS) plays a very crucial role in finalization and implementation of the Gold Monetisation Scheme in association with Department of Economic Affairs and Reserve Bank of India.
Benefits under this scheme: -
- A gold saving account will be opened which will earn interest for the gold that you deposit in it.
- You can deposit your gold in any form - jewellery, coins or bars.
- The interest will be earned on the basis of gold weight and also the appreciation of the metal value.
- You get back your gold in the equivalent of 995 fineness gold or Indian rupees as you desire (the option to be exercised at the time of deposit).
- Bank will securely maintain your gold .
- Earnings are exempt from capital gains tax, wealth tax and income tax.
- You don't have to pay capital gains tax on the appreciation in the value of gold deposited, or on the interest you make from it.
Assaying and Hallmarking (A and H) Centres recognized by Bureau of Indian Standards (BIS) have been qualified to act as Collection and Purity Testing Centres (CPTC) under the Gold Monetization Scheme.
Gold Monetisation Scheme Standard Operating Procedure for Collection and Purity testing of Jewellery
1. Customer bringing gold jewellery to the CPTC will be treated with dignity. Each process of weighing. testing. melting. etc. shall be performed in presence of the customer. Customer shall also be allowed to note the readings on the balance and XRF machine. In addition. entire process shall also be recorded.
2. Jewellery articles. in any form. weighing minimum 30 g can be accepted under the scheme from a customer at one time. This will constitute one lot. Total weight of all articles shall be recorded. The Centre shall have a well demarcated system for parallel processing of the jewellery/artefacts received under Gold Monetizing Scheme and BIS Hallmarking Scheme
| 1. | Preliminary Testing | Each article shall be tagged with a serial number for identification and individually weighed and tested for purity of gold and also for the absence of prohibited elements such as Iridium. Ruthenium. by XRF machine. Based on the XRF testing a report shall be prepared and given to the customer indicating serial number with description of article. weight and purity. |
| 2. | Consent for Melting |
Customer will be clearly explained that there could be difference in the purity as determined by XRF and after melting of article and only after taking the consent of the customer the melting shall be done. The charges for melting shall be informed to the customer in advance (as per the schedule of charges to be approved by Banks) |
| 3. | Melting |
The accepted lot shall be melted in a graphite crucible. The crucible shall be shown to the customer before taking up melting of the articles. A bar shall be cast from the melted gold and checked for its purity first by XRF and thereafter by fire assay and results of both shall be recorded. Fire assay shall be carried out as per IS 1418:2009. The entire operations of melting, casting and testing shall be visible to the customer and also recorded with the help of CCTV cameras. The cameras shall be suitably placed to capture a clear view of all the operations. The display on a LCD/LED screen shall also be made available. |
| 4. | Report |
Customer shall be provided with a report indicating purity of the cast bar and its weight. The report shall also indicate the equivalent weight in terms of Standard Gold of 995 fineness calculated as per formula: Eq.wt of 995 purity = (observed fineness × observed weight)/995 |
| 5. | Option for Taking Back/Deposit | When the results of fire assay are informed to the customer shall have an option of taking back the melted gold after paying a nominal fee to the centre. |
| 6. | Certificate |
If customer wishes to deposit the gold, the cast bar, shall be placed in a temper proof packing. A certificate in the format prescribed by the Bank shall be issued to the depositor certifying the weight and purity of the deposited gold with the serial number marked on the packing. Equivalent weight in terms of Standard Gold of 995 fineness shall also be indicated in the certificate. A copy of such certificate shall also be forwarded to the bank and the refinery with which CPTC has agreement. |
| 7. | Tenure |
The deposits under the revamped scheme can be made for
Like a fixed deposit, breaking of lock-in period will be allowed in either of the options and there would be a penalty on premature redemption (including part withdrawal). |
| 8. | Interest rate |
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| 9. | Utilization |
The deposited gold will be utilized in the following ways:-
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Contact Details:-
Address : -
DDG (Hallmarking),
Room No. 555, Manakalaya
Bureau of Indian Standards,
9, Bahadur Shah Zafar Marg,
New Delhi – 110002.
Telephone: 011-23234223 Ext. 8368
Email: hallmarking@bis.org.in
Online Grievance Redressal : www.services.bis.gov.in
| Regional Offices | Name and Designation | Telephone Numbers | Email address |
| Central Regional |
Shri D K Agrawal |
23237617 | ddgc@bis.gov.in |
| Northern Regional |
Shri N.K. Kansara Scientist- G & DDG – Northern Region |
2659930 | ddgn@bis.gov.in |
| Eastern Regional |
Shri K.C.S. Bisht Scientist-G & DDG – Eastern Region |
23209474 | ddge@bis.gov.in |
| Southern Regional |
Shri T. Kalaivanan |
22542365 | ddgs@bis.gov.in |
| Western Regional |
Shri Mahim Jain Scientist-G & DDG – Western Region |
28218093 | ddgw@bis.gov.in |
| Department | Name and designation | Telephone | |
| Hallmarking |
Ms Manju Gupta Scientist-F |
23234223 | hallmarking@bis.gov.in |
| Caste | Person Type | Govt |
|---|---|---|
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