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Post By : Diamond World News Service On 14 May 2007 12:00 AM
BUREAU of Indian Standards (BIS) will set up 500 surveillance centres in all the major cities, said the minister of company affairs P.C. Gupta, in a bid to monitor the quality of gold and silver jewellery being sold in India.%%The decision was taken at the 2nd International Gold Summit after it had come to the notice of the government that jewellers across the country have been selling sub-standard jewellery to millions of gullible consumers without fear of being caught.
The step has been taken to ensure that this phenomenon does not recur, the Department of Company Affairs (DCA) has asked the BIS to set up about 500 surveillance centres all over the country so that no cheating takes place for small investors in gold and silver.%%The DCA would impose heavy penalties against those corporate houses that violate the corporate governance rule to cheat small investors.” The minimum penalty has been set at Rs.1 lakh ($2,150) with a maximum ceiling of Rs.5 lakh ($10,765).%%Recent raids by BIS inspectors in Hyderabad, Kolkata and Jaipur have found the jewellery being sold to be sub-standard, Gupta added that these kinds of distortions are not going to be tolerated and therefore the government would set up centres so that millions of people in India who have been investing in gold and silver are protected.

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