Gold Price Policy: Under the One Nation One Rate policy, the national level bullion exchange will decide the price of gold and jewelers across the country will have to sell gold at the same price which will be decided by the exchange.
The price of gold and silver is different in different cities of the country. Apart from different taxes of each state, many other things are also added to the rate of gold and silver. Due to this, the prices of gold also vary from state to state. Now a big change is going to come in the country. The Gem and Jewellery Council is ready to implement the One Nation, One Rate policy.
After this, wherever you buy gold in the country, you will get the same rate. If this happens, the general public will get gold at the same price in their city. Actually, there was a long effort going on to adopt One Nation One Rate in the country. Now jewelers across the country have agreed to implement this policy. It is expected that its official announcement will be made next month i.e. in September.
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What is One Nation One Rate Policy?
‘One Nation One Rate Policy’ is a scheme proposed by the Government of India. The government’s aim is to have the same price of gold across the country. To implement this scheme, the government will create a bullion exchange at the national level. The National Bullion Exchange will decide the price of gold across the country. You can understand it in simpler terms like this. Like in the stock market, the price of a company’s shares is the same across the country and these prices are listed on the Bombay Stock Exchange or the National Stock Exchange. Currently, the purchase and sale of gold and silver takes place on MCX. But now an exchange will be created for the bullion market as well. There was a demand for creating this exchange for a long time.
This is how you will get benefit
The national level bullion exchange will decide the price of gold and jewelers across the country will have to sell gold at the same price fixed by the exchange. This will not only increase transparency in this industry but also the general public will get gold at the same price across the country. Suppose you live in Lucknow and gold is expensive there. In such a situation, if there is a wedding in your house, then you go to that city to buy gold where gold is cheaper than Lucknow. After the implementation of this scheme, this problem will end.
How the price is decided
At present, the price of gold is decided by the bullion market association. It is different for every city. Generally, every bullion market releases the price of its city in the evening. Like petrol and diesel, the price of gold and silver is also decided every day. Global sentiments also play an important role in the price of gold and silver. The prices of international markets also affect the domestic market.
Will the prices come down
With the introduction of this policy, transparency will increase in the industry, which will also benefit the common man. The price of gold may also come down due to the end of the price difference. At the same time, the arbitrariness of jewelers can be curbed. With the introduction of this scheme, competition among businessmen will also increase, so this scheme can prove to be a milestone in terms of business. To implement this policy, the jewelers’ organization GJC has taken opinion from jewelers across the country. In which jewelers have agreed to implement it.
