The rise in the price of gold

On last Friday, the price of gold had closed at Rs 58,055. Today the price of gold has risen by Rs 84 and is trading at Rs 58,139. There was an increase in 22 carat gold, in which most of the jewelery is made. 22 carat gold is trading at Rs 53,255, up by Rs 77.

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Many of us use bank lockers for the safety of jewelery to important documents. If you also hold a locker in a bank or are planning to do so soon, then you should know the new rules related to it. The Reserve Bank of India (RBI) has also given instructions to the banks for this.

RBI says that banks will now have to renew the contract for renting lockers with their customers. According to the new rules, this contract will be prepared, in which it will be clearly mentioned that what kind of goods the customers can keep in their locker and what kind cannot.

Only these things can be kept in the locker

According to the new rules of RBI, now customers will be able to keep only legally valid items like jewelery and important documents in the bank locker. In the contract with the bank, the customer will be told in detail what kind of goods are allowed to be kept and what are not.

Not only this, the lockers of the bank will now be given only to the customers for their personal use. These will be non-transferrable. Indian Banks Association will make a model agreement. On the basis of this, banks will prepare the contracts to be done with their customers.

Bank will bear the cost of stamp paper

The bank will bear the cost of stamp paper for renewal of the contract of the existing locker customers of the bank. While other customers will have to pay the cost of stamp paper of the contract on taking the bank locker.

There will be a ban on keeping these goods

Many people keep such things in their bank locker which are not legally valid. Sometimes it is also harmful. Now RBI has also made it clear that what items the customers cannot keep in their lockers.

It has been said by the central bank that now customers will not be able to keep cash or foreign currency in their lockers. Along with this, there will be a ban on keeping weapons, drugs or medicines, contraband or any dangerous or poisonous goods.

Bank will get relief from these responsibilities

With this, the agreement that will be signed between the bank and the customer. In that, the bank will get relief from many responsibilities. For example, the bank will not be responsible for any misuse or illegal use of the password or key of the bank locker. It will be the responsibility of the customer only.

At the same time, the customer will have the right to keep his belongings in the locker. The bank will have to protect the same and if the bank fails to do so, it will have to pay compensation to the customer under the rules related to it from time to time.

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Along with this, the government will now take action against those selling fake gold. According to media reports, gold jewelery without Hallmark Unique Identification Number ie HUID code will not be allowed to be sold in the country from April 1 and the HUID code will now be of 6 digits instead of 4 digits.

Jewelery without 6 digit HUID code will not be sold. This order has been issued by the government.

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It is not necessary that everyone has the ability to buy gold but still we get happiness when its price falls. It is also considered useful to overcome the financial challenges of the family in future. As an investment option, gold can be offered in the form of coins, bars, jewelry or paper or in the form of gold exchange-traded funds (Gold ETFs), sovereign gold bonds (SGBs) issued by the Reserve Bank of India and gold mutual funds (Gold MFs), etc.

You can buy through. But do you know the maximum amount of gold a person can hold in India? Even though most Indian households buy and own gold, they should be aware of the legal limits on how much gold they can hold. The Gold Control Act was established in our country in the year 1968.

This law prohibited citizens from holding more than a certain amount of gold. However, this act was abolished in 1990. At present there is no restriction on the quantity of gold in India but the holder must have valid source and documents related to gold.

Separate limits for both men and women

TradeSmart President Vijay Singhania told CNBC-TV18.com that guidelines have been framed for Income Tax officials at the time of seizure of property during an income tax raid. According to these instructions, jewelery or jewelery cannot be confiscated to a certain extent on the basis of gender and marital status of the person.

How many ornaments can you hold?

A married woman can keep gold ornaments up to 500 grams and unmarried women up to 250 grams without papers. Whereas for men, the CBDT has fixed a limit of 100 grams for each male member of the family, irrespective of their marital status. To this extent gold cannot be confiscated even during raids by the Income Tax Department.

This means that if you have valid sources and documents available to you to keep gold, then there is no limit for this, but these rules have been made only to relieve the taxpayers from confiscation of their jewelery during raids.

What are the tax rules on gold?

Determination of tax on gold investment depends on the period of holding, ie, the period of holding by the taxpayer. If gold is held for more than 3 years, it is taxable as Long Term Capital Gain (LTCG) at 20 per cent (excluding education cess and surcharge) and short term capital gain as applicable to the investor. Taxable at tax slab. Gold ETFs/Gold MFs are also taxable like physical gold.

Whereas in case of bonds, if they are held till maturity, they are tax-free. However, capital gains are payable on transactions of physical gold or ETFs or Gold MFs. The bonds are traded in demat form on the exchanges and can be redeemed after the fifth year. If the bond is sold before maturity, it is taxable at 20 per cent.

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