India is a country of great cultural value and gold is such a metal which includes close relation with its tradition, culture and belief. So the fascination for this metal is rich as it was in old age.
Statistics shows that consumption of gold increased about 7-8 times within the last three decade. The demand as well as world stock market condition hike the price to extreme than also the belief system works and the market runs smoothly.
By taking all these conditions into consideration the govt. has taken the right step with the BIS 1986 Act to stop some antisocial organs related to adulteration of gold with other metals, decrease the purity of gold to gain their own benefit.
The amendment approves the proposal of compulsory hallmarking of gold. No doubt this is a very good step taken by the government. Now hallmarking will be done according to the criteria set by the BIS stands for Bureau of Indian Standards.
Hallmarking of gold means providing the purity certification so that if you purchase a 22 carat gold means it will be a 22carat gold for sure, so some unprincipled persons were not providing the hallmarking certificate with some negative intention as hallmarking was not compulsion.
Ministry of consumer affairs will investigate if any complain will register related to this new amendment for compulsion of hallmarking of gold as it was done for 77 another products.
This amendment will also help to control the unauthorized surplus of gold with in the country, whether it may be between two businessmen or directly with the consumers. However this amendment will hopefully brings at least the purity confidence for the consumers.
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