Lending against Gold Jewellery

RBI/2013-14/453 DBOD.BP.BC.No.86 /21.01.023 /2013-14 January 20, 2014 All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Lending against Gold Jewellery Please refer to our circular DBOD.No.BC.138/21.01.023/94 dated November 22, 1994 on ˜Advances against Gold Ornaments and Jewellery for the purpose of Medical Expenses and Meeting Unforeseen Liabilities™, wherein banks were advised that while granting advances against… Read More

Tags: Board of directorsGoldIndiaJewelleryLoanLoan-to-value ratioMumbaiRajesh Verma

Customs Duty on Articles of Jewellery, Gold and Silver wares revised

As part of measures to contain the current account deficit, the customs duty on gold has been revised upwards periodically in the past two years. Prior to 17th January 2012, the import duty on standard gold (of purity 99.5% & above) was Rs. 300 per 10 gm. The duty was raised to 2% w.e.f. 17th… Read More

Tags: GoldIndiaJanuary 2012JewelleryPrecious metalSilverTariff

RBI Policy on Lending Against Security of Single Product such as Gold Jewellery

RBI/2013-14/260 DNBS.CC.PD.No.356 /03.10.01/2013-14 September 16, 2013 To All NBFCs (excluding PDs) Dear Sir, Lending Against Security of Single Product Gold Jewellery It may be recalled that in the light of the spike in gold imports in the recent years and the potential threat this could pose to external stability of the country, the Working Group to Study… Read More

Tags: Central bankIndiaJewelleryNBFCNon-banking financial companyReserve BankReserve Bank of IndiaRun batted in

Revised Scheme for Import of Gold

Certain restrictions were imposed on the import of various forms of gold by nominated banks/nominated agencies/ premier or star trading houses/SEZ units/EoUs which have been permitted to import gold for use in the domestic sector. On a review of the above instructions and in consultation with Government of India, it has been decided to rationalize… Read More

Tags: GoldGovernment of IndiaImportJewelleryJuly 22 2013Reserve Bank of IndiaRun batted in

RBI Clarification on Lending against gold

RBI/2012-13/522 RPCD.CO.RCB.BC.No. 77 /07.51.014/2012-13 June 06, 2013 The CEOs of all State and Central Co-operative Banks Dear Sir, Lending against gold Please refer to paragraph 98 of the Monetary Policy Statement 2013-14 announced on May 3, 2013 (extract enclosed) on lending against gold, proposing to restrict the facility of advances against the security of gold… Read More

Tags: Central bankCoinGold coinGold exchange-traded productJewelleryLoanMonetary policyReserve Bank of India

Measures to promote the Gem and Jewellery sector

A token budget of Rs.1 crore has been provided in the budget of Department of Commerce during 2013-14 for the following projects of Gem & Jewellery Export Promotion Council: (i)        Convention Centre at Mumbai, (ii)       Gem & Jewellery Park at Mumbai, (iii)      Setting up of Common Facility Centers in Gujarat, (iv)      Setting up of Gem Bourse at Jaipur, (v)       Technology… Read More

Tags: Business and EconomyGem & Jewellery Export Promotion CouncilGovernment of IndiaGujaratIndiaJaipurJewelleryMumbai

Clarification on Amendment to Section 206-C of Income Tax Act

Clarification on Amendment to Section 206-C of Income Tax Act dealing with Tax Collection at Source (TCS) on Sale of Bullion or Jewellery in Cash: Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs 2 lakh or jewellery in excess of Rs.5 lakh… Read More

Tags: BullionCoinGold coinJewelleryOuncePrecious metal

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