Gold Rate Today in Bankura

Bankura is a popular tourist attraction in West Bengal. This district is famous for its architecture, dense virgin forests, hills, terracotta temples, etc. The scenic beauty of Bankura is magnificent. Ornaments and jewellery have a significant place here.

Let alone Bankura, gold is an essential element of Indian households. This is why the country is one of the biggest consumers of gold in the world. Moreover,  gold is primarily utilised for jewellery and investment purposes in Bankura. Unlike in other places where gold is used for industrial reasons, gold in Bankura is used primarily for investment.

Taxes Levied on Gold Rates in Bankura

India does not produce enough gold to fulfil its gold requirement. Therefore, to satisfy the gold requirements of the country, gold is imported from Switzerland, Dubai, and South Africa. The import of a commodity is subject to import duties. Three types of import duties are levied on gold imports in India. They are given below:

• The customs duty imposed on imported gold is 12.5%.
•  Agriculture Infrastructure and Development Cess (AIDC): 2.5% tax imposed on imported gold.
• Social Welfare Surcharge: 10% customs duty is levied on imported gold.

The introduction of Goods and Services Tax (GST) has influenced global trends and gold prices in Bankura. After these three types of import taxes, 3% GST is also levied on goods such as gold in India. The implementation of GST has led to an increase in gold prices in Bankura, contrary to the pre-GST regime.

How Is The Purity Of Gold Evaluated In Bankura?

Gold is widely regarded as the most valuable metal. Consequently, it is quite valuable and quite expensive, and impure gold has deceived individuals on many occasions. Therefore, it is crucial to check gold purity before purchasing it.

The Bureau of Indian Standards (BIS) recommends three considerations when determining the purity of gold. The three methods for determining gold purity are as follows:

BIS Certification

The BIS mark is a triangle-shaped logo. This sign on gold jewellery indicates that a BIS-certified laboratory has tested the purity of the gold.

The Gold's Fineness

The fineness of a piece of gold jewellery reflects the degree of purity of the gold. Furthermore, the purity of gold determines the price of gold jewellery.

Alphanumeric Code

A six-digit alphanumeric code gilded on hallmarked gold jewellery. Each piece of jewellery has its own unique code, referred to as a Hallmark Unique Identification (HUID) number. The BIS Care App can be used to validate this alphanumeric code.

Some Interesting Facts On Gold

Here are some enlightening facts about gold:

• China produces 3.61 tonnes more gold than South Africa. Hence, China is considered the world’s biggest producer of gold.
• Around two-thirds of the gold requirements of India are fulfilled by South Africa.
• Gold is considered the most malleable and ductile commodity. A sheet of 100 square feet could be made out of 1 ounce of gold by merely beating it.
• Gold is an outstanding electrical conductor. Therefore, it is used in numerous electrical industries.
• Indian households own 25,000 tonnes of gold in ornaments, jewellery, coins, bars, etc.

Gold As An Investment In Bankura

The most popular way to invest in gold is through gold jewellery, but there are other ways to invest in gold as well. Some of them are: 

Gold Coins, Biscuits, And Bars

Gold coins, biscuits, and bars are good gold investment options. Depending on your budget, you can obtain coins of different weights. Coins can be obtained from a bank or a reputable jewellery store. Banks sell gold coins but do not repurchase them; however, you can sell them to a jeweller.

Gold ETFs

Exchange-traded funds (ETFs) can be used to purchase gold. Gold ETF investments are available online. This has fundamentally altered the way gold is purchased. Each ETF unit represents one gram of gold. ETFs are growing increasingly popular as a result of the following advantages:

• They can be resold on the stock exchange, making purchases and sales easier.
• If you hold ETFs for longer than a year, you will receive tax benefits.
• Unlike actual gold, ETFs do not require physical storage because they are held in a Demat

Gold Derivatives And Mutual Funds

There are additional ways to invest in gold. You can invest in mutual funds such as a gold-related fund or a fund of funds (FOF). You might also invest in a fund that contains the equity of gold firms openly traded on global stock exchanges.