No mechanism to fix single daily price for gold in India, says government
'Gold is widely traded in local markets across the country. At present, there are no specific measures or mechanism to fix a single daily gold price in the country,' Minister of State for Consumer Affairs C R Chaudhary said in a written reply to the Rajya Sabha.
New Delhi: There are no specific measures or mechanism to fix a single daily price for gold in India, the world's largest consumer and importer of the precious metal, the government said in Parliament on Friday.
"Gold is widely traded in local markets across the country. At present, there are no specific measures or mechanism to fix a single daily gold price in the country," Minister of State for Consumer Affairs C R Chaudhary said in a written reply to the Rajya Sabha.
He said that the price generally depends on import rate, basic customs duty, tax and logistics cost, purity among other reasons.
The prices also vary depending on location, the minister added.
With regard to hallmarked gold, Chaudhary said that presently sale of both hallmarked as well as non-hallmarked gold and the silver ornament is permitted in the country.
However, the Bureau of India Standards Act, 2016 has enabling provisions for making hallmarking of precious metal articles "mandatory" by the central government, he added.
The country imports over 700 tonne gold annually.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
CBSE extended date to pay exam fees for Class 10 and 12, no word on postponing board exams to May 2021
These reports were based on the board's decision to extend the deadline for payment of examination fees for classes 10 and 12 students till 31 October, and an earlier request by the Delhi government to extend the 2020-2021 session till May next year.
Rahul Gandhi accuses Narendra Modi of 'filling pockets of special friends' as India slips to 94 in global hunger index
India has been ranked lower than its neighbours, including Pakistan (88), Nepal (73) and Bangladesh (75), in the global report released recently
In August this year, the Telangana government had approved a new electric vehicle policy for the state.