Question : Bullion refiner MMTC-PAMP has recently launched a buy-back and exchange offer for gold in the national capital in a move to help the pandemic-affected people offset their economic hardships.Which type of gold bars include in this offer ?
(a) a gold bar with 9999, 999 and 995 purity,
(b) a gold bar with 9999, 899 and 895 purity,
(c) a gold bar with 8999, 999 and 995 purity,
(d) a gold bar with 9999, 699 and 695 purity,
Answer (a)
Related facts
- Bullion refiner MMTC-PAMP has recently(September 2020) launched a buy-back and exchange offer for gold in the national capital in a move to help the pandemic-affected people offset their economic hardships.
- For a nominal transaction fee, sellers can receive the maximum value of gold as a direct bank transfer or in the form of a gold bar with 9999, 999 and 995 purity.
- Starting with its Lajpat Nagar centre in Delhi, this facility will be rolled out soon across the country.
Background
- “These are indeed challenging times worldwide, and the significant uptick in jewellers and consumers selling gold assets to offset hardships is expected to continue for some time,” MMTC-PAMP Chief Executive Officer Managing Director Vikas Singh said in a statement.
- MMTC-PAMP said its on-site X-ray fluorescence technology (XRF) machines and can process weights from 10-grams to 2-kg per visit.
- The procedure will take place within 60 minutes and is fully transparent as sellers can view the entire valuation process in real-time via CCTV monitors. The gold jewellery is authenticated and weighed, and upon agreement, melted and cast to form a bar, it added.
India’s demand for gold
India’s demand for gold reached 690.4 tonnes in 2019. India’s gems and jewellery export stood at US$ 29.01 billion in FY20P.
During the same period, India exported US$ 18.66 billion worth of cut and polished diamonds, thereby contributing 64 per cent of the total gems and jewellery export.
By: Pankaj Pandey