The Reserve Bank of India (RBI) has proposed that banks restrict the facility of advancing loan against gold coins to a maximum weight of 50 grams.
This move, implemented would imply that a customer can not avail loans against gold coins that weigh more than 50 grams.
As per extant instructions, banks are currently permitted to grant advances against gold ornaments and other jewellery & against specially minted gold coins sold by banks.
However, no advances can be granted by banks for purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold exchange traded funds and units of gold mutual funds.
The RBI has proposed that banks restrict the facility of advancing loan against gold coins to a maximum weight of 50 grams.
According to extant instructions,banks are currently permitted to grant advances against gold ornaments and other jewellery as well as against specially minted gold coins sold by banks.
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