Frequently Asked Questions
Do electronic circuits have gold in them and can we extracted it?
Gold is a very good conductor of electricity but unlike copper which is also a good conductor gold doesn't tarnishes when exposed to air or moisture and hence is been used in gold plating connectors. You can extract gold from these electronic circuits but it is a dangerous process and is not recommend to be done by inexperienced people.
Below is the process by which gold is extracted from electronic circuits.
Put nitric acid in a Pyrex glassware bowl or container. Break the electronic circuit board into smaller pieces and put them in nitric acid. Nitric acid will dissolve the plastic and other metals releasing fumes without harming the gold bits. Filter the solution to separate the undissolved gold bits. Some plastic will still be attached to the gold bits and needs to be separated manually. Make sure to wear a protective gear (face mask, safety glasses and industrial gloves) throughout the process.
Which are the top gold loan providing companies in India?
Manappuram, IIFL and Muthoot are some of the leading and specialized gold loan providing companies in India.
Manappuram Gold Loan : 18004202233
IIFL Gold Loan : 180030001155
Muthoot Fincorp Gold Loan : 18002123644
Do I need a PAN card to buy gold in India?
You need to carry your PAN card to the jewellers shop only if you are buying gold worth 2 lakh rupees or more in cash. PAN card is not required if you are buying gold below 2 lakh rupees in cash or buying any amount of gold using debit/credit card, bank cheque, demand draft or via any other online payment method.
How much gold can I bring from Dubai to India?
If residing in Dubai for atleast one year, male passengers coming from Dubai to India can bring in 20 grams of gold jewllery along with them as a duty free allowance but it should not value more than Rs.50,000 (fifty thousand rupees). Similarly, female passengers coming from Dubai can bring in 50 grams of gold jewellery as duty free allowance but not valuing more than Rs.1,00,000 (one lakh rupees).
Why does India imports gold?
India contributes to 0.5% of the world's gold production but consumes upto 30% of the gold produced or mined in the entire world. As the consumption of gold in the Indian domestic market is more than what the country produces hence, it needs to import a huge amount of gold.
Why is gold rate different in cities across India?
Gold rate differs in cities across India due to various local market factors like state taxes, demand and supply of gold, transportation of physical gold to local market and bullion associations in major cities like Mumbai, Delhi, Chennai, Bangalore and Kolkata having the power to fix or to regulate gold rates to safe guard bullion traders and jewellers interest.
How much tax is there on gold?
While buying gold you pay Goods and Services Tax (GST) of 3% on the offered gold rate and if you are buying gold jewellery you pay a GST of 5% on making charges (also known as labour charges) additionally.
Can I buy gold jewellery as investment?
No. You should not buy gold jewellery as an investment. Gold jewellery purchase price consists of a significant amount of jewellery making charges which are lost when selling the jewellery. By the time of selling gold jewellery only gold quality and quantity is considered by the jeweller.
To invest in gold you should buy gold coins or can explore other options like Gold ETFs, Sovereign Gold Bond (SGB) or PayTM Gold.
From where should I buy gold?
You should prefer buying gold from a bullion trader rather than a bank or a jeweller as in general bullion traders offer good rate than the other two. Also, most of the bullion trader give buy back options to their customers.
What impacts gold rate in India?
Demand and supply of gold in the local and international market, global gold production, economic uncertainties, US dollar rate against rupee, inflation and possibility of wars involving major countries or similar global crisis are some of the factors that impact gold rate in India and internationally.
What is 24 karat?
24 karat gold means 999 gold as per BIS Hallmark standards which is 99.9% pure. 24 karat gold is the purest form of gold available in the market in the form of gold coins or gold bars and cannot be used to make gold jewellery as it being too soft for it. Jewellery can be made from 22 karat gold and below.
What is 916 gold?
As per BIS Hallmark standards 916 gold means 91.6% pure 22 karat gold.
What is the difference between karat and carat?
Karat is a unit used for indicating purity of gold. For example 24 karat means 99.9% purity or 999 gold as per BIS Hallmark standards similarly, 22 karat mean 91.6% purity or 916 gold. Carat is a weight measurement unit used to weigh diamonds.
How do I check the purity of gold?
When buying new gold coin or gold jewellery always checks for BIS Hallmark stamp which is an indication of purity with details mentioned on it clearly (999 = 24 Karat, 916 = 22 Karat, 875 = 21 Karat, 833 = 20 Karat, 750 = 18 Karat, 625 = 15 Karat, 583 = 14 Karat, 500 = 12 Karat, 417 = 10 Karat, 375 = 09 Karat, 333 = 08 Karat, 250 = 06 Karat). If you have any old jewellery which doesn't have a Hallmark stamp for some reason - visit a trusted local jeweller and get a touch report done to know the gold details or you also get it Hallmarked from the nearest Hallmarking centre.
Where is gold found in India?
In India gold is found in Kolar Gold Field in Kolar district of Karnataka. Manufacturing unit at Kolar Gold Field was been set up by Bharat Earth Movers Limited (BEML) which is a public sector company controlled by Ministry of Defence. Kolar Gold Field was once also called as 'Little England' by the British as it has temperate weather and landscape similar to Britain.
What does 1 tola gold means?
One tola gold means 10 grams of gold. The term 'tola' is popularly used in the local gold jewellery market in India.
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