Advance against Pledge of Gold ornaments/jewellery - ആർബിഐ - Reserve Bank of India
Advance against Pledge of Gold ornaments/jewellery
RBI/2015-16/207 October 15, 2015 The Chief Executive Officers Dear Sir/Madam Advance against Pledge of Gold ornaments/jewellery Please refer to para 3 of the circulars UBD.CO.BPD.PCB.Cir.No.60/13.05.001/2013-14 dated May 09, 2014 and RPCD.RRB.RCB.B.C.No.8/03.05.33/2014-15 dated July 01, 2014 wherein it was stipulated that in order to standardize the valuation and make it more transparent to the borrower, gold jewellery accepted as security/ collateral will have to be valued at the average of closing price of 22 carat gold for the preceding 30 days as quoted by Indian Bullion and Jewellers Association Limited [Formerly known as Bombay Bullion Association Limited (BBA)]. 2. On a review, it has been decided that the cooperative banks may also use the historical spot gold price data of the preceding 30 days publicly disseminated by a Commodity Exchange regulated by the Securities and Exchange Board of India. Yours faithfully (Suma Varma) |