New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Consider the following statements:  

    >1) The Bureau of Indian Standard (BIS) is responsible for operating the gold hallmarking scheme in India. 2.) In India, gold is the only precious metal that has been brought under the purview of Hallmarking. 3) Hallmark includes 4 digit codes 4) There will be Mandatory Hallmarking of Gold Jewellery & Gold artifacts start from 16th June 2021.   Which of the above statements is/are correct?
    A 1 only Correct Answer Incorrect Answer
    B 1 &2 only Correct Answer Incorrect Answer
    C 1 &3 only Correct Answer Incorrect Answer
    D 1,3 &4 only Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Mandatory Hallmarking of Gold Jewellery & Gold artifacts starts from 16th June 2021. Mandatory Hallmarking will be implemented in a phased manne r, initially starting from 256 districts of the country which have Assaying marking centers. Any manufacturer, importer, wholesaler, distributor or retailer engaged in selling precious metal articles has to mandatorily get registered with BIS. ● Exempted from mandatory hallmarking: ○ Jewellers with annual turnover up to Rs. 40 lakh will be exempted. ○ Export and re-import of jewellery as per Trade Policy of Government of India ○ Jewellery for international exhibitions , jewellery for government-approved B2B domestic exhibitions ○ Watches, fountain pens and special types of jewellery viz. Kundan, Polki and Jadau will be exempted.   Hallmarking is the accurate determination and recording of the proportionate content of precious metal in precious metal articles. It is a “guarantee of purity or fineness” of precious metal articles. Hallmarking helps Jewellery buyers to make the right choice while buying gold. Govt. has notified 2 categories under the purview of hallmarking: (a) Gold jewellery and gold artefacts (b) Silver jewellery and silver artefacts. As per BIS standards, there are 3 categories of  hallmarking based on the purity of gold— 14 carat, 18 carat and 22 carat. But now the ministry has announced that gold of additional carats 20, 23 and 24 will also be allowed for Hallmarking. Hallmark will include a six-digit code along with BIS Mark &Purity and a delivery Voucher to be issued to Jeweller  

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