NEWS & ADVICE : PERSONAL LOAN
Two private sector banks found selling gold against norms
By Vaibhav Aggarwal
Oct 19, 2009
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Two leading private sector banks in Varanasi were served notices from the Weights and Measurement Department on Wednesday for selling gold coins without abiding by the norms.

With a view to keep in pace with rapid advances, weights and measurement department was set up under the Act W&M in 1956. The Act was based on metric system and international system of units recognized by International Organization of Legal Metrology.

The assistant controller in the department, Varanasi division, Gulab Singh said that when the department sleuths visited the bank in order to view their purchase-gold -coins offer, they found that the Luxa branch of two private sector banks were selling gold coins without electronic weighing machines and weights.

As per the prescribed provisions the banks selling gold coins must have electronic weighing machines and weights.

These two banks were served notices under the standard of weight and measurement packaged commodities rules 1977 and UP standard of weight and measurement enforcement rules 1990. He also said that they would soon cover public sector banks also.

Further, he said that keeping electronic weighing machines with printer facility was also necessary for jewellery shops that sold packaged articles like gold and silver coins and charged value added tax (VAT) from the customers. During the visit, the sleuths also found three jewellery shops in Lahurabir, Chetganj and Ramkatora areas of Varanasi not adhering to the norms. Thus these shops were also served notices.

 


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