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BIS-recognised gold assaying and hallmarking centres can act as collection centres under the gold monetisation scheme, if they can melt the gold and cast bars, clarified Chandra Bhan Singh, Additional Director-General, Bureau of Indian Standards.
According to a BIS press release, at a meeting with representatives of Assaying and Hallmarking Centres at the southern regional centre, Singh said the collection centres that test the fineness of gold can now act as collection centres under the gold monetisation scheme if they have the facility to melt gold jewellery and cast them into bars.
Customers can bring at least 30 g of gold ornaments, bullion or bars to the collection centre, which will verify purity and assess the value of gold excluding stones and other metals.
The gold will then be melted and cast into bars. There is no upper limit on the quantity of gold that can be accepted for deposits.
The Gold Monetisation Scheme was launched by the Centre on November 5 to bring into circulation through banking system the idle gold locked up as jewellery in households. This will also bring down imports. The Centre estimates that nearly 20,000 tonnes of gold is lying unused.
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