Its proposal emphasizes on expanding gold merchant hallmarking and introducing Hallmarking Unique Identification (HUID) number for 9 carat gold jewellery, with an aim to reduce financial stress on customers.

Will there be hallmarking of 9 carat gold soon?

Representatives of India Bullion and Jewelers Association (IBJA), a leading traders association, held a meeting with BIS officials to address the important issue of hallmarking and HUID number for 9 carat gold. According to the report, IBJA National Secretary Surendra Mehta stressed on the adverse impact of rising prices on consumers and said that the prices have gone too far.

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Consumers are feeling the brunt of this. Keeping this in mind, we met the officials. He has sought permission for hallmarking for 9 carat jewellery. The Reserve Bank of India recognizes the IBJA’s input in determining the price of Sovereign Gold Bonds.

9 carat gold priced at Rs 27,740 per 10 grams attracts an additional 3% GST. If hallmarking is approved for 9 carat gold, it will help consumers afford larger or heavier jewelery while adhering to budget constraints. With the permission of 9 carat gold, it will become a little easier for all sections of the society to buy gold.

Silver prices touched Rs 92,444 per kg in Mumbai’s Jhaveri market, 5.67% higher than Friday’s data. Similarly, gold prices have rapidly reached close to Rs 75,000 per 10 grams. On Tuesday, the current rates were around Rs 74,222 per 10 grams and are still trading in the same range.

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For centuries, Indians have had a special love for gold. Even in today’s time, the importance of gold increases even more on auspicious occasions like marriage. Gold ornaments are made for the daughter and daughter-in-law of the house, in such a situation it is common to have gold in every other house.
However, keeping gold more than the limit can bring a big problem to you. Your house may be raided by the Income Tax Department.

How much gold should I keep?

Actually, understanding the importance of keeping gold, some rules have been made. Under these rules, gold can be kept up to a limit-

The Central Board of Direct Taxes (CBDT) had issued instructions in 1994 to keep gold at home. According to these instructions-

A married woman can have up to 500 grams of gold.

An unmarried woman can have up to 250 grams of gold.

A married or unmarried man can have up to 100 grams of gold.

When can trouble arise?

Here you need to understand that this rule of the Central Board of Direct Taxes does not give any legal right to keep gold.

These are only meant to protect the taxpayer from gold seizure during raids. These rules apply to family members only.

If gold is found with any other member outside the household, the Income Tax authorities can confiscate it.

PM Kisan 17th Installment: If this work is not done then the money of 17th installment will not come in the account.

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If you are worried about its purity while buying gold jewellery, then the government has taken a big step to provide relief to you. The government is going to change the rules related to gold hallmarking from 1 April 2023.From April 1, 2023, a 6-digit alphanumeric HUID (Hallmark Unique Identification) will be mandatory for all gold jewelery and artefacts. Sale of gold jewelery and gold artefacts which do not have a 6 digit alphanumeric unique identification number will not be permitted from April 1.

Customers will get this big benefit, now there will be 3 marks

Gold jewellery, now there will be 6 digit HUID. It will be alphanumeric. That is, it will have a combination of both letters and numbers. With the alphanumeric unique identification number, the customer will be able to know which jeweler the jewelery has been made by. Also, you will be able to locate the Hallmarking Center. Gold jewelery and gold artefacts will now have 3 essential marks. Gold jewelery will now have the BIS logo, purity of gold in carats and a 6-digit alphanumeric HUID code.

Gold jewelery currently has 4 hallmarking marks

In the present hallmarking system, there are 4 marks on gold jewellery. Gold jewelery bears the logo of the Bureau of Indian Standards, the purity of gold jewelery in carats, the identification mark of the hallmarking center and the jeweller’s logo/code. Hallmarking of gold jewelery started in the year 2000 in the country. The Ministry of Consumer Affairs says that currently more than 3 lakh gold articles are hallmarked with HUID every day.

Gold jewelery currently has 4 hallmarking marks

In the present hallmarking system, there are 4 marks on gold jewellery. Gold jewelery bears the logo of the Bureau of Indian Standards, the purity of gold jewelery in carats, the identification mark of the hallmarking center and the jeweller’s logo/code. Hallmarking of gold jewelery started in the year 2000 in the country. The Ministry of Consumer Affairs says that currently more than 3 lakh gold articles are hallmarked with HUID every day.

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