Why ULIP mis-selling has become rampant ?
Why is there so much mis-selling of ULIP? How to avoid this mis-selling? Who should take ULIP?
The mandatory hallmarking of gold has come into force from today and it will be implemented in a phased manner starting from 256 districts. Hallmarking enhances the credibility of gold jewellery through third party assurance for the purity of gold. According to World Gold Council, India has around 4 lakh jewellers and only 35,879 have Bureau of Indian Standards certification.
What is gold hallmarking?
Gold hallmarking is a purity certification that gives accurate and official recording of the precious metal. The hallmark consists of a triangle, the caratage (22K915), the mark of the jeweller and certification of purity given by Assaying and Hallmarking Centres (AHCs) which are accredited by BIS. Statistics reveal at present 940 AHCs are operative. Out of this 84 AHCs have been set up under a government subsidy scheme in various districts. Around 30% of gold jewellery is being hallmarked currently.
Earlier the government had announced in November 2019 mandatory hallmarking of gold jewellery and artefacts from January 15, 2021. This was later extended till June 1, 2021, as jewellers had sought time to shift to hallmarking and register themselves with the BIS amid the pandemic.
New Gold Hallmarking Rules
According to the government’s press release, hallmarking will be initially be starting from 256 districts of the country which have Assaying marking centres. Jewellers with annual turnover of up to Rs 40 lakh will be exempted from mandatory Hall Marking.
It also states, “Export and re-import of jewellery as per Trade Policy of Government of India – Jewellery for international exhibitions, jewellery for government-approved B2B domestic exhibitions will be exempted from mandatory Hall Marking.
Likewise, gold of additional carats 20, 23 and 24 will also be allowed for hallmarking. However, watches, fountain pens and special types of jewellery will be exempted from hallmarking.
Relating to buying back the old jewellery, the release stated jewellers can continue to buy back old gold jewellery without hallmark from the consumer. Old jewellery can be got hallmarked as it is, if feasible by the jeweller or after melting and making new jewellery.
Moreover, in order to give adequate time to the manufacturers, wholesalers and retailers of gold jewellery, there would be no penalties till August-end.