The compulsory hallmarking of gold bullion is not going to become mandatory from July 1 as the Centre has only begun consultations with stakeholders.
Consumer affairs ministry sources said that there is a lot of confusion over the fact that compulsory hallmarking is going to come into effect from July 1 onwards on gold bullion, which is not the case.
"Mandatory hallmarking is not going to come into effect from July 1 onwards for gold bullion. The process to make it compulsory has only just begun," highly placed sources informed IANS.
A sub-committee has been formed to initiate the process, and discussions with all the stakeholders are going on, the sources added further.
Bureau of Indian Standards (BIS) chief Pramod Kumar Tiwari had said in March this year that the government plans to make hallmarking of gold bullion mandatory and is ready with the draft guidelines.
Sources further informed that discussions with stakeholders are going on to finalise the guidelines.
Gold bullion is used as a raw material for manufacturing of jewellery and its purity is paramount, considering the large volume of jewellery.
Hallmarked gold bullion will help in ensuring the desired purity of gold jewellery being manufactured in the country.
India is the world's largest consumer and importer of gold. The country imports about 700-800 tonnes of gold annually.
Sensex surges over 1,500 points, Nifty Bank at near all-time high
Indian stock markets ended sharply higher on Thursday, extending their winning run for the fourth straight session as strong buying in banking shares helped the domestic indices clocked a robust performance.
Sensex rises for 3rd day; Nifty near 23,450 as banks lead rally
The Indian stock markets on Wednesday continued their upward journey for the third straight trading session, with strong buying seen in financial stocks, especially private banks and some oil and gas shares.
High-Ranking Police Officer's escort vehicle hits family in Udaipur
A serious road accident involving a high-ranking police officer’s escort vehicle left a young couple and their child critically injured on Saturday. The incident took place on the Agartala-Sabroom National Highway in the Chhanban Housing Board area of Udaipur.
Indian stock markets wrap up week on strong note as tariff fears ease
The Indian stock markets wrapped up the week on a strong note, gaining nearly 2 per cent, as the US decision to defer tariffs for all countries except China eased recession concerns, boosting sentiment and lifting fears of a global slowdown, experts said on Saturday.
Centre sets up Global Tariff and Trade Helpdesk to assist exporters, importers
The Centre has operationalised a dedicated ‘Global Tariff and Trade Helpdesk’ to assist the country’s exporters and importers in navigating emerging trade issues due to the hike in tariffs announced by the US.
India's forex reserves surge to $676.3 billion
India's foreign exchange reserves surged by $10.8 billion to $676.3 billion during the week ended April 4, according to data released by the Reserve Bank of India on Friday.
Sensex jumps over 1,300 points after Trump pauses tariffs till July 9
The Sensex witnessed a sharp rally of more than 1,300 points on Thursday after US President Donald Trump announced a 90-day pause on trade tariffs for most countries, including India.