We bring you the latest news on Govt Schemes and Subsidy available to individuals, business owners and entrepreneurs.
The Government of India has already notified the Mandatory Hallmarking Regulation via two phases as on date. And if you’re looking to set up an Assaying & hallmarking Centre to start your business, here’s some good news on subsidy that you can avail.
Bureau of Indian Standards (BIS) is the national Standards Body – an Autonomous Organisation entrusted to grant recognition of Assaying & Hallmarking Centres. BIS has a very attractive scheme for entrepreneurs who are looking to start their Assaying & hallmarking Centres (A&H Centres).
What is Assaying & Hallmarking Centre?
Assaying & Hallmarking Centres, also called in short as A&H Centres are basically labs set up for the purpose of testing and marking Gold and Silver Jewelleries and Artefacts. These A&H Centres receive samples from individuals and Jewellers and test them through a process known as Fire Assaying – melting the samples and determining their final weight vis-a-vis initial weight.
The purity of Gold or Silver through a developed method of Fire Assay is then determined and the Jewellery marked with Hallmark.
BIS Grants recognition (a license) to these A&H Centres to be able to test and mark these Jewelleries with Hallmark – which is a standard mark for its purity.
Subsidy of upto 70% to set up new Assaying & hallmarking Centre (A&H Centre)
Are you aware that BIS has a scheme where you can get subsidy of upto 70% of the cost of setting up your Assaying & Hallmarking Centre (A&H Centre) if you fulfil certain criteria set out by BIS? If not, we’re here to tell you about it.
This Central Assistance Scheme is set up to encourage entrepreneurs to start a new A&H Centres across the country where no such A&H Centres already exists.
Subsidy Rates Applicable to Various Business Categories of A&H Centre
Take a look at the table below. This is the current subsidy rates being given to various business categories of A&H Centres
So as you can see, the subsidy rate is very attractive even for a Private organisation which starts at 30% of the cost of machinery and equipment. For PSU or Govt Institutions setting up new A&H Centres, it is as high as 70%.
This subsidy is being given to encourage more A&H Centres to cater for the demand in hallmarking of Gold & Silver jewelleries across the country. The subsidy may not be available in future and is offered on a temporary basis.
How to Get BIS Subsidy to Set up New A&H Centre
Now that you know the subsidy amount and percentage for various categories, here’s the process to get BIS Subsidy on setting up a new A&H Centre in India.
Please note that one of the most important terms of getting this subsidy is to set up new A&H Centre in a district which has no other A&H Centres.
Also you will not get subsidy for consumables that you purchase for your own use at the Assaying & Hallmarking Centre. This includes Check gold, silver, lead, copper, distilled water etc.
The subsidy is given only for machinery and equipments purchased including safe/lockers and power back up such as UPS.
Step by Step Procedure to apply for BIS Subsidy for Assaying & Hallmarking Centre
Here we will guide you on the step by step procedure to apply for BIS Subsidy for new A&H Centre.
Applying for new Assaying & Hallmarking Centre is done through the website manakonline.in. However, the application for subsidy has to be made separately addressing to the Regional Hallmarking Officer (RHMO) of the region you are residing.
For this purpose, BIS has five (5) regional divisions and offices viz. Kolkata for Eastern Region, Mumbai for Western Region, Chandigarh for Northern Region, Chennai for Southern Region and New Delhi for Central Region.
- Apply for Subsidy at the Regional Office of BIS and simultaneously apply for new Assaying & Hallmarking Centre Recognition through manakonline.
- Upload the necessary documents in the step by step application online, manpower list, list of equipment etc. among others.
- Submit your EOI (Expression of Interest) or application for subsidy by paying the requisite fees.
- Once you application is allotted to auditors, be ready to assist them with original purchase invoices to be presented to them during the audit.
- Avoid practice of over-invoicing to get more subsidy amount as these invoices will be checked and verified at the regional level.
Subsidy is to encourage more entrepreneurs to start new A&H Centres to cater for the public
As said earlier, since the notification of Mandatory Hallmarking Regulation, A&H Centres come under pressure to cater for the demand for Assaying and Hallmarking of Gold and Silver jewelleries.
To deal with the surge in demand, the government through subsidies like this wants more people to come forward and open A&H Centres, especially in districts where no such centres are already available.
This will ensure that the public get the service they need with convenience and with the recognition of the government through BIS (Bureau of Indian Standards).
The details and important information regarding application for recognition of Assaying and Hallmarking centre is also available at BIS Website.
Conclusion and Point to Note
We are in no way affiliated with BIS and the information provided here are for guidance purpose only. It shall not be considered that by following the above procedure, the subsidy grant is assured. Applicants are advised in their own interest to read the complete information available online or get in touch with BIS Office and fulfil the terms and conditions set there on.
We hope you find this piece useful. Do share your comments in the section below. We will update if any change is introduced in the guidelines.