Notifications

(62 kb)
Advance against Pledge of Gold ornaments/jewellery

RBI/2015-16/207
DCBR.BPD. (PCB/RCB). Cir. No. 3/13.05.001/2015-16

October 15, 2015

The Chief Executive Officers
All Primary (Urban) Co-operative Banks/State/Central Cooperative Banks
(St CBs/ CCBs)

Dear Sir/Madam

Advance against Pledge of Gold ornaments/jewellery

Please refer to para 3 of the circulars UBD.CO.BPD.PCB.Cir.No.60/13.05.001/2013-14 dated May 09, 2014 and RPCD.RRB.RCB.B.C.No.8/03.05.33/2014-15 dated July 01, 2014 wherein it was stipulated that in order to standardize the valuation and make it more transparent to the borrower, gold jewellery accepted as security/ collateral will have to be valued at the average of closing price of 22 carat gold for the preceding 30 days as quoted by Indian Bullion and Jewellers Association Limited [Formerly known as Bombay Bullion Association Limited (BBA)].

2. On a review, it has been decided that the cooperative banks may also use the historical spot gold price data of the preceding 30 days publicly disseminated by a Commodity Exchange regulated by the Securities and Exchange Board of India.

Yours faithfully

(Suma Varma)
Principal Chief General Manager


2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
Archives
Top