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Gold Jewellery accepted as security will have to be valued at the average of closing price of 22 carat gold for the preceding 30 days - All About Finance

Gold Jewellery accepted as security will have to be valued at the average of closing price of 22 carat gold for the preceding 30 days

by

RBI/2015-16/207
DCBR.BPD. (PCB/RCB). Cir. No. 3/13.05.001/2015-16

October 15, 2015

The Chief Executive Officers
All Primary (Urban) Co-operative Banks/State/Central Cooperative Banks 
(St CBs/ CCBs)

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) 
Principal Chief General Manager

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