Failure to comply with the rule may result in imprisonment of one year or a fine of up to one lakh.
Many types of rules are going to be clouded across the country from today regarding the purchase of gold. The rules of gold hallmarking have been implemented by the government, due to which if anyone sells any kind of jewelry without hallmarking, he can be punished with a fine of up to 1 lakh or even a jail term of 1 year. Apart from this, if any jeweler commits any fraud with the customer under the rules of hallmarking, then he will have to pay double damages to the customer as per the rules of BIS.
Gold hallmarking is a certificate of purity of gold. According to the new rule of the government, from today only 14 carat, 18 carat and 22 carat purity will be hallmarked. Let us tell you that the process of registration for jewelers has also been made online and automatic by the government. According to the World Gold Council, there are around 4 lakh jewelers in India, out of which more than 35,000 are BIS certified. Let us tell you that till now only 40 percent of the jewelry is hallmarked. Most of the big jewelers themselves sell hallmarked jewellery. But from now on all hallmarking jewelry will have to be sold.
Let us tell you that in November 2019 itself, the central government had announced the rules for gold hallmarking for gold jewelry. But due to Corona epidemic, its time limit was extended 5 times. After this rule, the biggest question is what will happen to the gold that is lying in the house. So the answer is that due to the rule of gold hallmarking, the sale of old jewelery will not make any difference.