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No specific mechanism to fix single daily price for gold in India: Govt

The price generally depends on import rate, basic customs duty, tax and logistics cost, purity among other reasons, govt said

Press Trust of India  |  New Delhi 

Gold

There are no specific measures or mechanism to fix a single daily price for in India, the world's largest consumer and importer of the precious metal, the government said in Parliament Friday.

"is widely traded in local across the country. At present, there are no specific measures or mechanism to fix a single daily price in the country," 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 added.

With regard to hallmarked gold, Chaudhary said that presently sale of both hallmarked as well as non-hallmarked gold and silver ornament is permitted in the country.

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However, the Bureau of Standards Act, 2016 has enabling provisions for making hallmarking of articles "mandatory" by the central government, he added.

The country imports over 700 tonne gold annually.

First Published: Fri, January 04 2019. 17:30 IST
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