The Government of India intends to eradicate the trade in counterfeit colored gemstones and for this purpose will begin the process, similar to probing the gold to enhance the credibility of Indian Industry jewelry and gemstones.
Ministry of Commerce in conjunction with the accreditation of public services will be engaged in the creation of government gemological laboratories, certification that is recognized worldwide. Now in India there is no regulation for the testing and certification of colored gemstones, the volume of online retail jewelry products is growing.
The Ministry will discuss the creation of a separate accreditation center for precious stones, as in India, a host of private laboratories for certification of stones with diverse standards.
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Organization of Tirumala Tirupati Devasthanams (TTD) reported that the Hindu temple of Tirupati Balaji made a deposit 1311 kg of gold in the bank Punjab National Bank (PNB) under the government scheme of gold monetization. TTD negotiates the best conditions for this type of account, reports Financial Express.
A deposit of 1 311 kg of gold bullion 995 samples was introduced April 18. TTD runs Balaji temple in Tirupati in Andhra Pradesh. This temple is considered to be the richest in the world.
Deposit was made within three years of short-term monetization scheme. Bank PNB was selected because it provides the highest interest rate of 1.75% per annum, said the executive director of TTD Sambmsiva D. Rao (D. Sambasiva Rao).
As part of the short-circuit a deposit can be picked up in gold.
TTD has proposed to the Government of India and the central bank to change the rules of the gold monetization scheme. "If we get a positive response from them, we will be able to make deposits at existing gold reserves, as well as take advantage of medium and long term schemes," - said Rao.
It reported that the TTD insisted on the possibility of withdrawing the medium- and long-term deposits of gold, to the temples can receive more attractive returns.
Temple accepts donations from parishioners in cash, jewelry, gold, silver, diamonds, property and securities.
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