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If you want to convert your Gold Jewellery under the Gold Monetization Scheme of Government of India but had your doubts as to How it works ? What is the Process ? Is it Safe ? Will I be Cheated ?
Following is the Guidelines or Process as to how the Gold Monetization Scheme [GMS] actually gets executed at operational level. To know these steps will always be helpful in understanding whether the Centre where you have approached is correctly following all the Standard Guidelines set by Government of India.
Gold Monetization Scheme Standard Operating Procedure for Collection and Purity testing of Jewellery
Receipt of jewellery
1. Customer bringing gold jewellery to the CPTC will be treated with dignity. Each process of weighing, testing, melting, etc. shall be performed in presence of the customer. Customer shall also be allowed to note the readings on the balance and XRF machine. In addition, entire process shall also be recorded.
2. Jewellery articles, in any form, weighing minimum 30 g can be accepted under the scheme from a customer at one time. This will constitute one lot. Total weight of all articles shall be recorded. The Centre shall have a well demarcated system for parallel processing of the jewellery/artefacts received under Gold Monetizing Scheme and BIS Hallmarking Scheme
Preliminary Testing
3. Each article shall be tagged with a serial number for identification and individually weighed and tested for purity of gold and also for the absence of prohibited elements such as Iridium, Ruthenium, by XRF machine. Based on the XRF testing a report shall be prepared and given to the customer indicating serial number with description of article, weight and purity.
Consent for Melting
4. Customer will be clearly explained that there could be difference in the purity as determined by XRF and after melting of article and only after taking the consent of the customer the melting shall be done. The charges for melting shall be informed to the customer in advance (as per the schedule of charges to be approved by Banks)
5. Customer shall give his/her consent for melting of a particular article, or all articles. The articles for which consent has not been provided by the customer shall be returned on payment of applicable preliminary testing charges amounting to not more than Rs 25/- per article.
6. In the event after the XRF testing, the weight of the portion of the lot of jewellery for which consent has been given by the customer is less than 30 g, the CPTC shall not carry out any further operation and return back the whole lot of jewellery to the customer after realizing the applicable preliminary testing charges for the entire lot. The report shall be given to the customer and acknowledgement of the receipt of the returned articles shall be taken.
7. The articles accepted shall be cleaned to remove the non-metallic items like thread, wax, stone, etc, in presence of the depositor and the weight of articles after removal of the non-metallic items shall be recorded. The removed items shall be given back to the depositor. Net weight of the articles accepted for melting shall be recorded in the presence of the customer.
Melting
8. The accepted lot shall be melted in a graphite crucible. The crucible shall be shown to the customer before taking up melting of the articles. A bar shall be cast from the melted gold and checked for its purity first by XRF and thereafter by fire assay and results of both shall be recorded. Fire assay shall be carried out as per IS 1418:2009.
9. The entire operations of melting, casting and testing shall be visible to the customer and also recorded with the help of CCTV cameras. The cameras shall be suitably placed to capture a clear view of all the operations. The display on a LCD/LED screen shall also be made available.
Report
10. Customer shall be provided with a report indicating purity of the cast bar and its weight. The report shall also indicate the equivalent weight in terms of Standard Gold of 995 fineness calculated as per formula: Eq.wt of 995 purity = observed fineness × observed weight 995
Option for Taking Back/Deposit
11. When the results of fire assay are informed to the customer shall have an option of taking back the melted gold after paying a nominal fee to the centre.
Certificate (to be finalized by the Banks)
12. In case customer wishes to deposit the gold, the cast bar, shall be placed in a temper proof packing. A certificate shall be issued to the depositor certifying the weight and purity of the deposited gold with the serial number marked on the packing. Equivalent weight in terms of Standard Gold of 995 fineness shall also be indicated in the certificate.
13. A copy of such certificate shall also be forwarded to the bank and the refinery with which CPTC has agreement.
Transfer to Refinery
14. The packed cast bar shall be sent to the refinery in accordance with the agreement between the bank, CPTC and refinery.
Documentation
15. CPTC shall use only specified format (see Annex 5 & 6) for issuing above mentioned receipt, report and certificate.