About Gold Security
Gold ornaments can be accepted as security up to a liability 90% of the market value of the gold ornaments. Other conditions are:
- The appraiser fee is to be remmitted 0.3% of future liability subject to Minimum amount of Rs.30/- and maximum amount of Rs.750/-
- Ornaments embedded with jewels, stones, etc., can be accepted, subject to the decision reached by the Manager based on the recommendations of the appraiser engaged for the purpose. Gold coins and the like may be considered as gold ornaments.
The following are not acceptable as gold security, viz:
- Ornaments made up of less than 18 carat gold.
- Damaged or broken ornaments and ornaments filled with wax/lac or such other material.
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