Highlights

  • Kerala launches uniform gold price on bank rate
  • Part of Malabar Gold's policy 'One India One Gold Rate' policy
  • Consumers would be able to purchase gold at atransparent price

Latest news

'Does Modi have 100 heads like Ravan?': Congress vs BJP over Kharge comment | Gujarat Elections 2022

'Does Modi have 100 heads like Ravan?': Congress vs BJP over Kharge comment | Gujarat Elections 2022

Europe's biggest cocaine cartel busted in transcontinental raids: report

Europe's biggest cocaine cartel busted in transcontinental raids: report

Shraddha Kapoor to portray the role of a Kashmiri girl named Rukhsana Kausar, says report

Shraddha Kapoor to portray the role of a Kashmiri girl named Rukhsana Kausar, says report

Vikram Gokhale's web series 'Ambedkar The Legend' likely to be scrapped, informs director Sanjiv Jaiswal

Vikram Gokhale's web series 'Ambedkar The Legend' likely to be scrapped, informs director Sanjiv Jaiswal

Man gets fired for being unsocial; makes employer pay him back

Man gets fired for being unsocial; makes employer pay him back

This Indian state has introduced uniform gold price based on bank rate

Uniform gold price based on bank rate offers an opportunity to the consumers to purchase gold at a reasonable and transparent price.

Kerala becomes the first state in India to launch uniform gold price based on the bank rate. The decision to introduce uniform price on 916 purity 22 carat gold has been taken at a meeting between officials of Malabar Gold and Diamonds, one of the largest gold and diamond retail chains in the country and key members of All Kerala Gold and Silver Merchants Association which sets the board rate for gold.

Commenting on the development, Mr. MP Ahammed, Chairman, Malabar Group said, "We are extremely happy to be a part of this momentous occasion. We would like to thank all members of the jewellery trade in Kerala for coming together and launching a standardized gold rate across the state to safeguard the interest of the consumers and bring in price transparency to the trade. At Malabar Gold and Diamonds, we have shown the way by launching uniform gold price across all our stores in the country with our 'One India One Gold Rate' policy. Being a top gold consuming state in the country, Kerala can set the stage for a countrywide roll-out of uniform gold price." MP Ahammed also demanded that the selling price of gold should be unified everywhere in the country.

Also watch: Kerala IAS officer delivers speech with child in arms, triggers professionalism debate

The gold rate should be uniform across the country based on bank rate. However, in most states, gold is priced Rs.150-300 per gram extra over the bank rate. In Kerala, gold used to be sold at different prices on a particular day. Uniform gold price based on bank rate offers an opportunity to the consumers to purchase gold at a reasonable and transparent price.

According to Mr.Ahammed, there should be a system to determine the price of gold based on the bank rate on a specific day in the country. Bank rate on gold, GST and other taxes including import duty are the same across India. For example, on November 4, 2022, the bank spot rate of 916 (22 carat) gold was Rs. 1,640 per ounce, the bank premium was Rs. 3.50, the import duty was Rs. 6,67,467 per kg and the bank cost per gram of gold was Rs. 5,008. Adding all these, the bank rate of November 4, 2022 amounts to Rs. 4610 per gram of 916 gold. Thanks to the price standardization, jewellers in Kerala now charge the same price as the bank rate for gold.

Up Next

This Indian state has introduced uniform gold price based on bank rate

This Indian state has introduced uniform gold price based on bank rate

YSRTP chief's car towed while she sits inside; Hyderabad police action after protest against CM KCR

YSRTP chief's car towed while she sits inside; Hyderabad police action after protest against CM KCR

Puri: Bangladeshi YouTuber arrested for taking photos at Jagannath temple sanctum, say police

Puri: Bangladeshi YouTuber arrested for taking photos at Jagannath temple sanctum, say police

Girl first gangraped by classmates, then raped by headmaster from whom she sought help, say Bihar police

Girl first gangraped by classmates, then raped by headmaster from whom she sought help, say Bihar police

Ankita Bhandari murder: narco test option being considered by Uttarakhand police

Ankita Bhandari murder: narco test option being considered by Uttarakhand police

Shraddha murder: day after attack, Aaftab Poonawala taken to forensic lab again; security increased

Shraddha murder: day after attack, Aaftab Poonawala taken to forensic lab again; security increased

More videos

Odisha: woman's body on beach with blackened face, mutilated fingers; family claims rape, murder

Odisha: woman's body on beach with blackened face, mutilated fingers; family claims rape, murder

Cannot hold govt liable for deaths due to Covid vaccine side-effects: Centre to Supreme Court

Cannot hold govt liable for deaths due to Covid vaccine side-effects: Centre to Supreme Court

What UK PM Rishi Sunak said on India, China in first major speech on foreign policy

What UK PM Rishi Sunak said on India, China in first major speech on foreign policy

Stone thrown at Kejriwal in Gujarat, claims AAP; police deny

Stone thrown at Kejriwal in Gujarat, claims AAP; police deny

Spike in Measles cases in Mumbai, one-year-old girl dies

Spike in Measles cases in Mumbai, one-year-old girl dies

AIIMS server down six days after cyber attack; hackers demand Rs 200 crore in cryptocurrency

AIIMS server down six days after cyber attack; hackers demand Rs 200 crore in cryptocurrency

Mehrauli murder: Accused Aaftab's van attacked

Mehrauli murder: Accused Aaftab's van attacked

Two Indian students from Telangana drown in US lake

Two Indian students from Telangana drown in US lake

Ajit Mohan & Ananth Narayanan’s advice for entrepreneurs on building digital businesses

Ajit Mohan & Ananth Narayanan’s advice for entrepreneurs on building digital businesses

AIIMS server still down six days after sophisticated cyber attack

AIIMS server still down six days after sophisticated cyber attack

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.