State-owned India Government Mint (IGM) on Thursday said it has signed an agreement with Bhabha Atomic Research Centre (BARC) and CSIR-National Physical Laboratory (NPL) to develop the first Indian Gold Standard.
The India Government Mint operates four mints in the country for the production of coins. The agreement was signed to develop Indian Gold Standard, the Bharatiya Nirdeshak Dravya, a release issued here said.
Under the agreement, India Government Mint-Mumbai, which is into gold melting, refining and assaying, will produce the gold standard with research and development inputs from Bhabha Atomic Research Centre and CSIR-National Physical Laboratory.
Gold reference standard is indispensable in hall marking and has importance in government’s Gold Monetization Scheme, it said adding that it will be useful for collection and purity testing centres (CPTC) to certify the purity of the gold deposits under GMS.
Currently, the gold reference material is imported. BARC’s core mandate is to sustain peaceful applications of nuclear energy, primarily for power generation.