Kerala turns into first state to introduce uniform gold value based mostly on financial institution charge

Kozhikode, November 5: Kerala turns into the primary state in India to launch uniform gold value based mostly on the financial institution charge.

The determination to introduce uniform value on 916 purity 22 carat gold has been taken at a gathering between officers of Malabar Gold and Diamonds, one of many largest gold and diamond retail chains within the nation and key members of All Kerala Gold and Silver Merchants Association which units the board charge for gold.

Commenting on the event, MP Ahammed, Chairman, Malabar Group mentioned, “We are extremely happy to be a part of this momentous occasion. We would like to thank all members of the jewellery trade in Kerala for coming together and launching a standardized gold rate across the state to safeguard the interest of the consumers and bring in price transparency to the trade. At Malabar Gold and Diamonds, we have shown the way by launching uniform gold price across all our stores in the country with our ‘One India One Gold Rate’ policy. Being a top gold consuming state in the country, Kerala can set the stage for a countrywide roll-out of uniform gold price.” MP Ahammed additionally demanded that the promoting value of gold needs to be unified in all places within the nation.

The gold charge needs to be uniform throughout the nation based mostly on financial institution charge. However, in most states, gold is priced Rs 150-300 per gram further over the financial institution charge. In Kerala, gold was once offered at completely different costs on a selected day. Uniform gold value based mostly on financial institution charge presents a possibility to the customers to buy gold at an affordable and clear value.

According to Ahammed, there needs to be a system to find out the value of gold based mostly on the financial institution charge on a selected day within the nation. Bank charge on gold, GST and different taxes together with import obligation are the identical throughout India. For instance, on November 4, 2022, the financial institution spot charge of 916 (22 carat) gold was Rs. 1,640 per ounce, the financial institution premium was Rs. 3.50, the import obligation was Rs. 6,67,467 per kg and the financial institution value per gram of gold was Rs. 5,008. Adding all these, the financial institution charge of November 4, 2022, quantities to Rs. 4610 per gram of 916 gold. Thanks to the value standardization, jewellers in Kerala now cost the identical value because the financial institution charge for gold.

This story has been offered by NewsVoir. ANI is not going to be accountable in any approach for the content material on this article.

Kerala turns into first state to introduce uniform gold value based mostly on financial institution charge ANI 05 November 2022 Post Your Comments Shared Recently! Europian Union Film Festival kickstarts in New Delhi; Check out thrilling lineup
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