Kerala becomes the first state in India to launch uniform gold prices based on the bank rate. The decision to introduce a uniform price on 916 purity 22-carat gold has been taken at a meeting between officials of Malabar Gold and Diamonds and key members of the All Kerala Gold and Silver Merchants Association.
Kerala becomes 1st State to Introduce Uniform Gold Price Based on Bank Rate- Key Points
- Being a top gold-consuming state in the country, Kerala can set the stage for a countrywide roll-out of uniform gold prices.
- The selling price of gold should be unified everywhere in the country. The gold rate should be uniform across the country based on the bank rates.
- Gold is priced at 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 for consumers to purchase gold at a reasonable and transparent price.
- Bank rates on gold, GST, and other taxes including import duty are the same across India.