Financial Daily from THE HINDU group of publications
Friday, Mar 03, 2006
Financial Daily from THE HINDU group of publications Friday, Mar 03, 2006 |
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Money & Banking
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RBI & Other Central Banks Industry & Economy - Gems & Jewellery Hallmarked jewellery a safer bet, says RBI Our Bureau
Mumbai , March 2 RBI has asked banks to show preferential treatment to hallmarked gold jewellery while granting advances against the security of such jewellery. As per a notification issued by RBI, hallmarking of gold jewellery ensures the quality of gold used in the jewellery with respect to carat-age, fineness and purity. "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," said the notification from the central bank. Thus, banks may now decide in favour of hallmarked jewellery while granting advances and taking decisions on the margin and rate of interest.
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