Compulsory hallmarking of gold bullion not mandatory from July 1, Government sources say that consultations are on

India imports about 700-800 tonnes of gold annually. Hallmarked gold bullion will help ensure the desired purity of gold jewellery manufactured in the country

The compulsory hallmarking of gold bullion is not going to become mandatory from July 1, as reported earlier, as the Centre has only begun consultations with stakeholders. Consumer Affairs Ministry sources said that there is a lot of confusion over the news that compulsory hallmarking was going to come into effect from July 1 onwards on gold bullion, which is not the case.

“Mandatory hallmarking is not going to come into effect from July 1 onwards for gold bullion. The process to make it compulsory has only just begun,” highly placed sources informed IANS.

A sub-committee has been formed to initiate the process, and discussions with all the stakeholders are going on, the sources added further.

Bureau of Indian Standards (BIS) chief Pramod Kumar Tiwari had said in March this year that the Government plans to make hallmarking of gold bullion mandatory and is ready with the draft guidelines.

Courtesy: Business Insider India