SITE MAP     CONTACT US     DISCLAIMER  
   About Us     Useful Information     FAQs     Financial Education     Complaints   Important Websites  
Search
Period
From  
To  
Archives
   
Home >> Notification - Display
Note : To obtain an aligned printout please download the (61.00 kb ) version to your machine and then use respective software to print the story.
Date: 02/11/2005
Advances against Gold Ornaments and Jewellery

RBI/2005-06/196
DBOD.No.IBD.BC. 663 /23.67.001/2005-06

November 2, 2005

The Chairmen and CEOs of all Scheduled Commercial Banks
(Excluding RRBs)

Dear Sir

Advances against Gold Ornaments and Jewellery

Please refer to our circular DBOD. No. BP.BC. 138/21.01.023/94 dated November 22, 1994 on the captioned subject as also earlier circulars enclosed for ready reference.

2. As you are aware, hallmarking of gold jewellery ensures the quality of gold used in the jewellery as to caratage, fineness and purity. Therefore, banks would find granting of advances against the security of such hallmarked jewellery safer and easier. Preferential treatment of hallmarked jewellery is likely to encourage practice of hallmarking which will be in the long-term interest of consumer, lenders and the industry.

3. Therefore, banks while considering granting advances against jewellery may keep in view the advantages of hallmarked jewellery and decide on the margin and rates of interest thereon.

4. Other conditions in respect of grant of advances against gold ornaments and jewellery remain unchanged.

Yours faithfully

( P. Saran )
Chief General Manager

 
  © Reserve Bank of India. All Rights Reserved.

Best viewed in 1024x768 resolution in IE 5 and above.